I installed the PlayStation Mobile SDK 1.20.00 the other day, which comes with a customized and branded version of MonoDevelop called PlayStation Mobile Studio. I noticed though that there were severe text issues – missing text on pages, menus or in dialogs.
This seems to be an outdated or broken install of GTK#. I downloaded the latest version (2.12.21) from the Mono site:
It asked me if I wanted to remove or repair, so apparently it was already installed? (Presumably when I installed Xamarin Studio for something else)
I ended up removing and reinstalling this version and now Text renders perfectly fine.