But, to answer your question, yes - the layout loads fine - a jpg image is there, screen background color is fine, even the buttons appear fine - just no text on the buttons.
Not sure whether the solution below would help. I had similar problem with 'no text' shown on the button or labels.
1) Try expanding the TEXT STYLE (click on + sign) on the Designer. Set the text color properly.
2) In some cases, enter any character in the Text field.
I have figured it out now. It is related to the way that new views are shown in the designer, as WZSun guessed. Making sure you have the TEXT property completed as appropriate is what makes it all OK.