Windows 8, Java 1.7.0_21
While testing out the properties of stained glass underwater, the game suddenly went black and white, as in the images attached. I can assure you that this is not the effects of "Super Secret Settings". Attached are images that explain this effect. To replicate this, take a night vision potion, and fly around the ocean floor.
MC-107 Potion of night vision: total blackout