Undefined index: #formatter in theme_styles_field_formatter()

This error shows up when displaying a view that should show a media image field. This is a clean install on Drupal 7 dev as from August 2nd.
The view displays content of type 'referentie' with one field called 'pic' which is of type 'multimedia asset'.

Below is the views export:

$view = new view;
$view->name = 'pics';
$view->description = '';
$view->tag = '';
$view->view_php = '';
$view->base_table = 'node';
$view->is_cacheable = FALSE;
$view->api_version = 3.0-alpha1;
$view->disabled = FALSE; /* Edit this to true to make a default view disabled initially */

/* Display: Defaults */
$handler = $view->new_display('default', 'Defaults', 'default');
$handler->display->display_options['access']['type'] = 'none';
$handler->display->display_options['cache']['type'] = 'none';
$handler->display->display_options['exposed_form']['type'] = 'basic';
$handler->display->display_options['pager']['type'] = 'full';
$handler->display->display_options['style_plugin'] = 'default';
$handler->display->display_options['row_plugin'] = 'fields';
/* Field: Fields: field_pic */
$handler->display->display_options['fields']['entity_id']['id'] = 'entity_id';
$handler->display->display_options['fields']['entity_id']['table'] = 'field_data_field_pic';
$handler->display->display_options['fields']['entity_id']['field'] = 'entity_id';
$handler->display->display_options['fields']['entity_id']['alter']['alter_text'] = 0;
$handler->display->display_options['fields']['entity_id']['alter']['make_link'] = 0;
$handler->display->display_options['fields']['entity_id']['alter']['absolute'] = 0;
$handler->display->display_options['fields']['entity_id']['alter']['trim'] = 0;
$handler->display->display_options['fields']['entity_id']['alter']['word_boundary'] = 1;
$handler->display->display_options['fields']['entity_id']['alter']['ellipsis'] = 1;
$handler->display->display_options['fields']['entity_id']['alter']['strip_tags'] = 0;
$handler->display->display_options['fields']['entity_id']['alter']['html'] = 0;
$handler->display->display_options['fields']['entity_id']['hide_empty'] = 0;
$handler->display->display_options['fields']['entity_id']['empty_zero'] = 0;
$handler->display->display_options['fields']['entity_id']['type'] = 'media_small';
/* Filter: Node: Type */
$handler->display->display_options['filters']['type']['id'] = 'type';
$handler->display->display_options['filters']['type']['table'] = 'node';
$handler->display->display_options['filters']['type']['field'] = 'type';
$handler->display->display_options['filters']['type']['value'] = array(
  'referentie' => 'referentie',
);

/* Display: Page */
$handler = $view->new_display('page', 'Page', 'page_1');
$handler->display->display_options['path'] = 'pics';