My PS CS4 crashed the other night and erased all of my settings. Now, when I have a layer selected, I can't see the bounding box. I have checked auto-select, layer and checked show transform controls. I have view>extras checked as well. All I see are little tiny squares in each corner of the layer and in the middle of each side. I used to have a dashed line around the object and it is gone. Here is a shot of how it looks with the word strip selected: http://my.jetscreenshot.com/demo/20121117-n8lz-301kb
Try resetting all tools. If the does not fix the problem reset your Photoshop preferences.
i just discovered CTRL+H
give it a try.
i clicked on View -> hide Extras. I was hiding some guides as my lasso was sticking to it irritatingly. but i had no idea that hiding all would also take the boundry box of selected items.