PROBLEM SOLVED!
Press "H" to unhid the pins. I had the same problem and did all the things suggested here like updating drivers and turning down hardware acceleration, but none of those worked for me. Then I saw in another forum the "H" was the hotkey to hide/unhide the local adjustment brush pins.
I don't know if this post is still monitered but I'm having the exact same problem with Photoshop CS4 Extended, (dissappearing brush). It seems to come and go. Also I tried the "H" key and all that got me was the hand tool. So if anyone has any more input I would welcome more suggestions. I took a screenshot of an image that demonstrates the issue and attempted to attach it to this post.
this post is actually about Lightroom, not Photoshop.
However, I think I've had the same issue with photoshop that you've been describing, where I couldn't see the bounds of the size of the brush anymore and i was guessing as I kept working. Usually it comes back after I restart photoshop or my computer.
maybe it's a memory thing?
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