Items don't render on the ground properly

Items (not block like- items) on the ground don't turn around on fast graphics.
If you walk around them they become invisible.

In the last picture I am looking at the item from the back (notice it isn't rendering) With F3 + B mode on (The white box is where the item is)

Edit 14w03b:
Fast Items: Not rendering at all.
Fancy Items: Not spinning.