If the object is visible in the shaded view, and the
material is not set to be transparent or similar, in most cases there may be
Windows user profile or temporary file corruption, or 2011 shared material
library corruption.
Similar
behavior was documented in the following blog post:
http://autodesk-revit.blogspot.com/2010/11/my-render-has-disappeared.html
I have organized a process we can take below, if
possible please go through these items one at a time to see if we can isolate
and resolve the issue. If you have any
questions along the way please do not hesitate to let me know:
1. Close Revit 2011, empty the contents of the
Windows Temp folder at:
%Temp%
Launch Revit again and see if the issue persists.
2. Apply the swatch hotfix here, which contains
an updated material file:
http://usa.autodesk.com/adsk/servlet/ps/dl/item?siteID=123112&id=15882941&linkID=9273944
3. Uninstall \ Reinstall the Material Libraries
[Revit 2011 stays installed normally]. You can see both process links from #2 in my blog post below:
http://revitclinic.typepad.com/my_weblog/2010/06/the-rendering-or-render-appearance-library-previews...
4.
Run Revit as an administrator by right-clicking on the shortcut > Run
as Administrator. Verify if the results
are consistent.
5. Lastly, if it still persists, can another
user log on this same workstation to verify if this is user profile specific on
this workstation?
Thank you,

Ryan Duell