[quote=Christian L.]Edward, it seems like this is common issue in Lion. (Logic Pro X requirements are 10.8.4 and +) Try upgrading to Mountain Lion and see if it helps... It worked for other users.
However, Snick seems to be running ML so I'm not sure why the Playhead is missing on his system.
Yup - it does it on ML too. Switching screen sets will bring it back.
Some say that throwing away the preferences works too, although this hasn't worked for me :(
It's a bug. Apple needs to fix it !