When looking at certain angles from certain blocks, nearby chunks can disappear. This problem isn't game-breaking, but can be very annoying, since it happens somewhat often. It also allows the player to see the position of the sun while underground, potentionally making the clock item not necessary. It is much more noticable on wider resolutions, such as 2560x1080.
This bug has been in the game for a long time (I think at least since 1.3).

I'm guessing the bug is caused by an optimization hiding chunks which are outside of the players view, but sometimes it is a bit too much.

The attached screenshots are taken at FOV 80, but changing the FOV has no effect on the visibility of the invisible chunk, but increasing it makes the problem more noticable.

This bug affects all gamemodes except for spectator mode.