Just updated local server from 14w32a to 14w32b and started up the game. All chests in the game are currently invisible. Tested with Default and Faithful (3rd-party) texture packs. The chest item is invisible as well until picking it up and seeing in the inventory, and chest seems to become visible again after updating the block by breaking and replacing.

The chest is still usable in the invisible state.

First screenshot is immediately after starting the game. There are two single chests attached to the top hoppers and a double chest in the ground.

Second screenshot is after breaking and replacing the top chest.