The reason IE has no content in its content window when it starts is because it hasnt loaded a site. This is more marked on slower computers or computers witholder operating systems.
While its trying to create a connection or load a page, the window keeps a screenshot in it because the programming doesnt refresh the screen, so its not a bug, per se, just really bad programming.
During this time, IE also reinitializes all the utility bars you may have running, which can take a long time, and frequently crash, so it would be a good idea to disable any of those, if you are running them. It will make your computer more efficient in the end.
On a bad connection, IE can hold that state for a long time, especially with wireless and dial up connections. If time doesnt help it, the perhaps its time to switch to a
different browser.
Hope that helps.