To reproduce,
1. Open a normal world and set your render distance to 16.
2. Close that world and reopen it.
3. In that world change your render distance to 24

The first 4 screenshots below show what the world looked like with a render distance of 16. The next four show the bug that is apparent when I switched from a render distance of 16 to 24. It was also interesting to note that when I looked down I could see lava lakes and bedrock almost like an x-ray effect.

Also I noted the particles you see when you get close and into the void very close to me. Considering I was at a level of y 64 this should be impossible.

After closing the world and reopening it the visual bug is no longer present. To try and help I also forced a crash report and have pasted it below.

---- Minecraft Crash Report ----
// Don't do that.

Time: 7/25/14 7:13 PM
Description: Manually triggered debug crash

java.lang.Throwable
at brp.r(SourceFile:1565)
at brp.ar(SourceFile:871)
at brp.a(SourceFile:311)
at net.minecraft.client.main.Main.main(SourceFile:120)

A detailed walkthrough of the error, its code path and all known details is as follows:
---------------------------------------------------------------------------------------

– Head –
Stacktrace:
at ccz.a(SourceFile:308)

– Affected level –
Details:
Level name: MpServer
All players: 1 total; [cha['bcook254'/8505804, l='MpServer', x=427.32, y=63.00, z=193.49]]
Chunk stats: MultiplayerChunkCache: 441, 441
Level seed: 0
Level generator: ID 00 - default, ver 1. Features enabled: false
Level generator options:
Level spawn location: 200.00,64.00,220.00 - World: (200,64,220), Chunk: (at 8,4,12 in 12,13; contains blocks 192,0,208 to 207,255,223), Region: (0,0; contains chunks 0,0 to 31,31, blocks 0,0,0 to 511,255,511)
Level time: 50578614 game time, 51322793 day time
Level dimension: 0
Level storage version: 0x00000 - Unknown?
Level weather: Rain time: 0 (now: false), thunder time: 0 (now: false)
Level game mode: Game mode: survival (ID 0). Hardcore: false. Cheats: false
Forced entities: 71 total; [cha['bcook254'/8505804, l='MpServer', x=427.32, y=63.00, z=193.49], aci['Squid'/8505857, l='MpServer', x=413.63, y=54.03, z=161.84], adh['item.item.dyePowder.black'/8505856, l='MpServer', x=406.59, y=40.00, z=143.72], aft['Zombie'/8505858, l='MpServer', x=409.50, y=35.00, z=237.50], adh['item.item.dyePowder.black'/8505861, l='MpServer', x=408.38, y=52.00, z=247.13], aci['Squid'/8505860, l='MpServer', x=407.91, y=55.00, z=256.16], adh['item.item.dyePowder.black'/8505862, l='MpServer', x=407.56, y=49.00, z=249.59], aec['Enderman'/8505869, l='MpServer', x=427.66, y=13.00, z=149.63], aci['Squid'/8505871, l='MpServer', x=421.63, y=61.63, z=147.50], aea['Creeper'/8524556, l='MpServer', x=354.03, y=16.00, z=248.53], aci['Squid'/8505870, l='MpServer', x=432.44, y=57.00, z=154.72], aci['Squid'/8505872, l='MpServer', x=406.79, y=60.97, z=201.14], aea['Creeper'/8505875, l='MpServer', x=419.50, y=39.00, z=242.50], aft['Zombie'/8512531, l='MpServer', x=376.50, y=22.00, z=146.50], aci['Squid'/8505876, l='MpServer', x=423.44, y=58.75, z=242.69], afo['Spider'/8512535, l='MpServer', x=368.50, y=26.09, z=148.69], aea['Creeper'/8522516, l='MpServer', x=355.50, y=26.00, z=144.50], adh['item.item.dyePowder.black'/8525205, l='MpServer', x=427.45, y=57.70, z=253.36], aea['Creeper'/8505887, l='MpServer', x=432.31, y=31.00, z=119.09], aft['Zombie'/8505889, l='MpServer', x=432.50, y=14.00, z=150.50], aea['Creeper'/8524450, l='MpServer', x=419.50, y=31.00, z=209.50], adh['item.item.dyePowder.black'/8505888, l='MpServer', x=447.38, y=40.00, z=142.34], aci['Squid'/8505890, l='MpServer', x=441.19, y=52.88, z=161.56], aea['Creeper'/8505893, l='MpServer', x=444.50, y=17.00, z=201.50], aea['Creeper'/8505892, l='MpServer', x=443.50, y=17.00, z=200.50], afg['Skeleton'/8521639, l='MpServer', x=421.50, y=24.00, z=197.50], aci['Squid'/8505895, l='MpServer', x=427.50, y=57.54, z=253.60], aea['Creeper'/8524453, l='MpServer', x=417.50, y=31.00, z=209.50], afg['Skeleton'/8521640, l='MpServer', x=422.50, y=26.00, z=205.13], aft['Zombie'/8524589, l='MpServer', x=493.50, y=36.00, z=136.50], aea['Creeper'/8521650, l='MpServer', x=424.44, y=23.00, z=191.94], aea['Creeper'/8521649, l='MpServer', x=423.50, y=24.00, z=195.50], aea['Creeper'/8505908, l='MpServer', x=463.28, y=36.00, z=131.69], afg['Skeleton'/8509492, l='MpServer', x=358.50, y=23.00, z=167.50], abk['Bat'/8505910, l='MpServer', x=449.66, y=37.10, z=133.25], adh['item.item.dyePowder.black'/8505913, l='MpServer', x=454.81, y=37.00, z=148.44], aci['Squid'/8505912, l='MpServer', x=442.63, y=53.91, z=142.34], aci['Squid'/8505915, l='MpServer', x=465.69, y=56.34, z=160.88], aci['Squid'/8505914, l='MpServer', x=463.09, y=43.09, z=150.84], aci['Squid'/8505919, l='MpServer', x=452.59, y=57.66, z=163.00], afg['Skeleton'/8520125, l='MpServer', x=418.50, y=12.00, z=150.50], aci['Squid'/8505921, l='MpServer', x=451.03, y=57.94, z=168.16], aci['Squid'/8505920, l='MpServer', x=449.38, y=53.13, z=154.72], aci['Squid'/8505922, l='MpServer', x=467.00, y=60.75, z=159.28], aci['Squid'/8505924, l='MpServer', x=459.25, y=57.25, z=180.28], afg['Skeleton'/8505926, l='MpServer', x=448.47, y=36.00, z=207.84], aci['Squid'/8505929, l='MpServer', x=457.62, y=46.97, z=203.22], aci['Squid'/8505931, l='MpServer', x=454.75, y=50.94, z=224.03], aci['Squid'/8505930, l='MpServer', x=459.69, y=54.63, z=209.50], aea['Creeper'/8509258, l='MpServer', x=466.50, y=39.00, z=134.50], aci['Squid'/8505941, l='MpServer', x=471.19, y=45.06, z=131.44], aea['Creeper'/8522710, l='MpServer', x=432.50, y=32.00, z=203.50], aci['Squid'/8505942, l='MpServer', x=463.81, y=46.06, z=148.63], aci['Squid'/8505945, l='MpServer', x=466.03, y=54.00, z=155.13], aci['Squid'/8505944, l='MpServer', x=467.69, y=50.38, z=153.97], aci['Squid'/8505947, l='MpServer', x=469.78, y=56.66, z=186.16], afg['Skeleton'/8509402, l='MpServer', x=494.50, y=40.00, z=237.50], aci['Squid'/8505949, l='MpServer', x=479.38, y=57.06, z=185.59], aea['Creeper'/8522463, l='MpServer', x=372.97, y=16.00, z=213.41], aft['Zombie'/8508260, l='MpServer', x=495.50, y=37.00, z=165.50], afg['Skeleton'/8505958, l='MpServer', x=481.81, y=26.00, z=141.28], aea['Creeper'/8505965, l='MpServer', x=491.50, y=31.00, z=210.50], afg['Skeleton'/8517487, l='MpServer', x=375.50, y=23.00, z=142.50], aft['Zombie'/8505966, l='MpServer', x=482.50, y=36.00, z=242.50], aci['Squid'/8505971, l='MpServer', x=484.13, y=57.81, z=251.94], afg['Skeleton'/8509554, l='MpServer', x=452.50, y=17.00, z=177.50], abk['Bat'/8505847, l='MpServer', x=369.25, y=22.10, z=196.75], abk['Bat'/8505846, l='MpServer', x=374.63, y=16.03, z=212.47], adh['item.item.dyePowder.black'/8505848, l='MpServer', x=380.75, y=36.00, z=250.56], adh['item.item.dyePowder.black'/8505851, l='MpServer', x=393.41, y=48.00, z=225.06], abk['Bat'/8507262, l='MpServer', x=377.50, y=23.10, z=152.75]]
Retry entities: 0 total; []
Server brand: vanilla
Server type: Non-integrated multiplayer server
Stacktrace:
at ccz.a(SourceFile:308)
at brp.b(SourceFile:2254)
at brp.a(SourceFile:320)
at net.minecraft.client.main.Main.main(SourceFile:120)

– System Details –
Details:
Minecraft Version: 14w30c
Operating System: Windows 8.1 (amd64) version 6.3
Java Version: 1.8.0_11, Oracle Corporation
Java VM Version: Java HotSpot(TM) 64-Bit Server VM (mixed mode), Oracle Corporation
Memory: 4679583280 bytes (4462 MB) / 5146935296 bytes (4908 MB) up to 5146935296 bytes (4908 MB)
JVM Flags: 3 total; -XX:HeapDumpPath=MojangTricksIntelDriversForPerformance_javaw.exe_minecraft.exe.heapdump -Xmx5G -Xms5G
IntCache: cache: 0, tcache: 0, allocated: 13, tallocated: 95
Launched Version: 14w30c
LWJGL: 2.9.1
OpenGL: AMD Radeon HD 7700 Series GL version 4.4.12967 Compatibility Profile Context 14.200.1004.0, ATI Technologies Inc.
GL Caps: Using GL 1.3 multitexturing.
Using GL 1.3 texture combiners.
Using framebuffer objects because OpenGL 3.0 is supported and separate blending is supported.
Shaders are available because OpenGL 2.1 is supported.
VBOs are available because OpenGL 1.5 is supported.

Using VBOs: No
Is Modded: Probably not. Jar signature remains and client brand is untouched.
Type: Client (map_client.txt)
Resource Packs: []
Current Language: English (US)
Profiler Position: N/A (disabled)