Valve has fixed it, it seems.
Hammer update!
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It works better than it did before. But the so called "Source Engine 2009" hammer still doesn't work properly. I still get the black grid. Sigh. So i'm mapping with the 2007 engine and compiling with VBCT under 2009.
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man, hammer s completely broken for me now.....
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If you're mapping for Episode 2, you have to use Source 2007.
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Works now! thank you sir

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Just an update to everyone having problems / black viewports when mapping for Ep2 on Source 2007 now... well, switch back to Source 2009 and everything works fine now. Bizarre.
EDIT: actually, this makes sense, with Ep2 getting Steamplay recently...
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I've read on Interlopers that Valve has update HL2 and Ep1 to the Orange Box engine and broke the SDK again, so if you have any new problems is probably due to that.
On the other hand it seems like HL2 and EP1 have new achievements and graphic enhancements, so it's a good excuse to replay both games

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The new engine update to the HL2 games broke *everything* again, there's a hotfix that should fix your problem by using this in your gameinfo:SteamAppId 218
ToolsAppId 211
AdditionalContentID 420
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