I just downloaded the trial version of CS5, haven't modified any settings at all so it's vanilla. After starting it up I hit CTRL+N for a new image, select the defaults, but all I see is the gray background of CS5 itself. If I move the canvas window onto my desktop I see through it and see whatever is behind the window. However, while moving the canvas window I can properly see what's on the layer, which, is just a blank white canvas as I have not done anything to it yet. I can make brush strokes, which still don't show up but again if I move the canvas window around I can see it on the white canvas as it should look.
So, how do I disable this mysterious canvas 'transparency'?