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Have seen this as well. Seems to be a refresh issue. As you say, clicking the Watch tab and then back works as does switching to another application (which hides the data view and script debugger windows), or of course closing and then re-opening the data viewer.
I am one of those that found the data viewer unusable in 12.0v1 and 12.0v2 while also debugging. This was when connected to a FM server over the WAN. It was usable if connected on the same LAN, but even then, it was much slower than FMP11. So far, I am finding the data viewer usable again while debugging with the 12.0v3 update.
Mac 10.6.8, FMP Advanced 12.0v3.