Affects Version/s: Minecraft 15w39b, Minecraft 15w40b, Minecraft 15w47c, Minecraft 15w50a
Fix Version/s: Minecraft 15w51a
Environment:os.name: Windows 8.1
java.vendor: Oracle Corporation
tl;dr: Give an entity the glowing effect, then turn away from it slowly. Right as it leaves your screen, your hand disappears briefly, and so do a lot of transparent blocks (like water), and tile entities with custom entity models.
Entities with the glowing effect can cause weird visual bugs, where transparent blocks can disappear for one frame, and then reappear. This only happens whenever the glowing effect is unrendered from your screen. Either the chunk is unloaded, you turn away from the glowing effect, or the glowing effect wears off. Whenever the glowing effect leaves your screen, all transparent blocks disappear for a tick. Glass, stained glass, glass panes, stained glass panes, water, chests, signs, banners, ender chests, cobweb, and probably some more blocks that I couldn't get. Also, your player's hand disappears from the side of the screen as well. Only for a single tick though, just like everything else. This happens for the tick that the glowing effect leaves your screen. I managed to take a screenshot at that exact tick of the stuff disappearing. I also took another screenshot of the same scene with everything shown, so that you know what blocks disappeared. You can take a look at those screenshots, or you can just try it yourself.