I noticed visiboxes are not able to hide particles (fireworks, water splash, skid smokes, etc.). I remember seeing this bug since the legacy Re-Volt, in some of the Museum levels I guess.
Besides particles, sometimes they can't hide few objects during the edit mode, even if they have all their polygons inside some cube.
However, they work fine when you unlock and lock the camera.
That seems to occur only when shaders are turned on.
Another thing I noticed was that the camera keeps locked when you exit the edit mode without unlocking it. The game will act as the player pov is always inside the camera you locked before, and the other visiboxes will not work, that is, untill you return to the edit mode and unlock the camera.
I'm sorry if this was already reported. Couldn't find anything related.