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If I set my PHP instance to 5.4.10 any Playa tags are rendered as raw tags but under 5.3.20 they render correctly. Is this too new a version to play with?
Look for other extensions using the channel_entries_tagdata hook. It's likely that one of them is not respecting ee()->extensions->last_call.
For me, it was Better Workflow (they have since fixed the issue).
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