I was experimenting in Poser Pro, to try to re-create this, and found that having "Enable hardware sharing" pretty well seemed to disable rendering - that's why I thought it might be relevant.   I don't use OpenGL normally, because I get all sorts of problems.   With SreeD, M4 looks OK in preview and renders OK for me in Poser Pro.  

My default character is TY2.   Switching on "Enable hardware sharing" has the same effect on her, so it may not be a problem specific to M4.   (I specifically installed M4 in Poser Pro, but TY2 is installed in the Poser 7 run-time.)