This most likely means you are missing the Arial font required to display text. Go to one of the following links, depending on your OS, and download/install the Arial font family. Then, launch Studio One again and the text should appear.
Windows: http://sourceforge.net/projects/corefonts/files/the%20fonts/final/arial32.exe/download
Mac: http://web.nickshanks.com/downloads/.../Arial.sit.hqx