I’m having pretty much the same problem as johnedgley – I can see the two tabs, but clicking on them makes no difference as there’s still no toolbar showing.
If I turn off visual editor, it seems fine (but I’d sure prefer to have the visual editor!)
Clearing the cache, reuploading didn’t work.
Editing the tinymce files as someone suggested didn’t work.
But it’s there when I login using IE. On Firefox (my main browser) it doesn’t appear at all, that toolbar. 🙁
Sigh. It’s really quite frustrating… So I hope that future updates will fix this problem.