Yes, I've seen it. It's caused by the fact that, the way it is implemented, image data is global in nature and your display is confused as to the source of the data which it is to display, the freshly acquired data or the recently transformed data.
I'll bet that if you:
1) create multiple IMAQ image data channels and
2) use one for acquired images and
3) use another for images that have undergone transformation #1 and
4) use another for images that have undergone transformation #2 and so forth
5) and are careful in how you specify which is the source image and what to use for the destination image channel for a transformation node
6) and you connect your display to the final output of the last imaged data channel from the last transformation node
then your problem will go away.