Hey, I found this thread on Google while searching for information about this problem, and I figured I’d post what I’ve come up with in case it helps anyone.
This happened to me recently, and after searching around online, I found that one thing I had in common with other people experiencing this issue is that we’d all recently added a second video card. In my case it was a second card to accommodate a Wacom Cintiq display tablet. The second video card seems to be the issue – it must be a bug in FCP. For me, all I needed to do was unhook my display from the second card and restart FCP, and suddenly the effects rendered just fine. Give that a shot, and please report this to Apple so hopefully they’ll address it in their next FCP update.