I initially installed this module with the "Standard" package from CKEditor.com installed at sites/all/libraries/ckeditor. That worked ok, but I couldn't display all the buttons I wanted to. When I replaced the library with the "Full" package, I just got white space where my editor should be. The only resolution was to place the new package in sites/all/modules/ckeditor/ckeditor.
This seems to be related to #1939966: Some selected toolbar buttons not appearing in editor and #1916624: CKEditor Toolbar appears incorrect and I'm unable to change it to "Full" .
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Comment #1
wwalc commentedExplained in this comment.
It was a browser caching issue.