This same problem perplexed my husband about a month and a half ago. Fortunately, he’s married to a Tech Jock, so he now is able to view most of his images while editing his documents in Word. We had to make a few settings adjustments and learn about how Word displays the different layers of a document to better understand the problem.
First, Word uses a text, drawing layer, and header layer. If a graphic, such as your logo, is placed in the drawing layer, it will exhibit the behavior that you describe whereas if it’s placed in the text layer, it will be visible in normal view. Graphics in the drawing layer are also called “floating” objects and are not visible in the Normal view. They are often created or inserted in the “drawing frame.” When presented with the drawing frame such as when using a drawing tool to create arrows or lines, click outside of the frame and draw outside of the box. This avoids placing the object in the drawing layer in the first place.
You can also go to the Page Layout view (aka Print Layout in some versions of Word) by going to the View menu. Also, check the settings in Tools > Options, View tab. The box next to Drawings should be checked while the box next to Picture Placeholders should not be checked.
When you copy and paste images into a Word document either first save the image to your hard drive and then use the Insert Picture command or use the Edit > Paste Special option to copy the graphic as a Device Independent Bitmap instead of HTML image.
While it’s a pain when you can’t see the image, this is the way those versions of Word are designed. It feels like an intermittent or new problem when you can’t see the object because most of the time, objects are placed in the text layer, such as when you use the Insert Picture command. Double check your Tools> Options> View settings and see if you can’t insert the logo using either Insert Picture or Copy> Paste Special> Device Independent Bitmap.
I run Word 2007 and cannot replicate this scenario on my version which leads me to believe that Word 2007 no longer has this idiosyncrasy.

