In certain cases, the world will fail to render, giving a so called "x-ray" effect - the player can see straight through to what's below. I've found a 100% repro case for this:

1. Create a new world with the default world settings and the seed "pre1".
2. Run this command (or go to the rough location of the coordinates indicated): /tp -275 66 253 81 27

Result:
X-Ray effect. See attached image.

Expected:
Player sees the flat dirt surface. See second attached image, taken closer to the wall.

Other info we've gathered by experimentation (thanks to Panda):

• The glitch happens right at a chunk border.
• You need to face relativly low. From the TP command lower than -34.3. The higher you go the lower you need to face.
• If you run /setblock -288 63 271 minecraft:dirt, the bug disappears.