It sounds to me like maybe you don't have the "Text" plugin in the new Natty CCSM enabled...? (It's in the "Image Loading" section, for whatever reason.) Until I enabled it, none of Compiz's switchers were showing text, for me.
Importantly, this bug -- with the Static Application Switcher -- persists regardless of the status of the "Text" plugin...
Alan (#10):
It sounds to me like maybe you don't have the "Text" plugin in the new Natty CCSM enabled...? (It's in the "Image Loading" section, for whatever reason.) Until I enabled it, none of Compiz's switchers were showing text, for me.
Importantly, this bug -- with the Static Application Switcher -- persists regardless of the status of the "Text" plugin...