While writing my previous tutorial, I noticed this rendering bug with PV3D when my movieclip, which is to be used as a MovieAssetMaterial, uses a static textfield in it.
I have no idea exactly what causes it, but to workaround, you have to break apart the textfield into shapes. 
The above solution is however, only valid if the text is meant for graphical purposes only. If you really have to use a textfield, use a dynamic textfield and embed the fonts. I’ve tried and it works this way as well. 
I think the text is too big (invisibly big). Fonts are tricky. It’s very unstable.
Mmm… That would be extremely tricky, as I’m just using static textfields that are definitely smaller than the square. lol~
Flash text fields are more than meet the eye,
I’m using dynamic text fields and if you turn off the myMovieAssetMaterial.animated=false property too soon, it doesn’t render the text. (PV 2.0 beta 1). Has anyone else encountered this?