I'm having this same problem. I started with a fresh version 4 install and created all new sequences. It happens sometimes, then other times it doesn't. Randomly will show only certain model previews until I click on the effect, so for some parts I have to click on every single effect for it to show up when I try to preview what I'm doing.
Seems to happen a lot to color wash, the effect icon on the grid will be smooth, or only partially colored in. Then it doesn't play back, but when I click on it, the effect icon will be 'blocks' of color fade through the timing mark, then it plays back. This is one example of what happens.
update:
Haha, so I'm toggling between windows typing this message and the preview that didn't work now works. XL was minimized, then I brought the screen back up and it seemed to work ok. Wierd. Still love XL's and all the hard work you guys are putting into this, it's been a great tool for sequencing my lights.