When im previewing a particle with an effect on in the editor it looks like this
i.imgur.com/GWMzTmE.png
running it it looks normals
i.imgur.com/ve6dmXt.png
i just added a particle with a filled color. added bulge
it does this with others as well.
i ran this on r208 beta
but i just checked the browser thats running on r204.2 stable and it does the same.
i don't remember running into this before.