Drakengard works fine in every other way as far as I can tell except no characters (mine or enemies) are rendered. I had this same problem with Onimusha a while back, but it fixed itself somehow, so I'm at a loss as to what I can do now. Any suggestions are appreciated.
There's no need to bump, especially since it hasn't been even 1 hour since your last post.
Start by trying the latest beta. Try to show with screenshots what the problem is and tell/show your PC specs and PCSX2 settings.
Core i5 3570k -- Geforce GTX 670 -- Windows 7 x64
You can try setting EE clamp mode to none or full.
AMD Athlon II 245 @ 3.55ghz, 9600GT @730mhz 1115mhz, vista sp2 32bit