This is a public, 1.5 bug report for mojang.
The pictures were taken in an old snapshot (13w10a), but have happened for quite a while.

In third-person view (F3), the texture for a cast fishing rod is still a stick, although it was changed to a different texture in beta.

How to reproduce:
1.Have a fishing rod on your hotbar and select it.
2.Cast the fishing rod.
3.Go into third person view. (Preferably facing the front of the player.)
Notice the lack of the line on the back, or the reel.
You can also use a normal stick for comparison.