r47.2 was working great for me. However, in r48, the layout does not appear:
<img src="http://dl.dropbox.com/u/1378330/Capture.PNG" border="0" />
Even when my mouse is at something like 100,100; where the layout definitely should be, it is not shown. I can create sprites in the layout, but they are also not displayed. This is happening with new and old projects.
Windows 7 64-bit
ATI Mobility Radeon 5650