Tables are not appearing in the object explorer. In the left pane, where tables are normally listed, it shows an icon of a red circle with an X with the text "SQL Server Database Error". In the pane on the right it shows the message "The user does not have permission to perform this action". Views, stored procedures, functions, etc. show fine in the object explorer. It just does not show tables.
WORKAROUND
Have a DBA grant the View Server State permission to the user.
STATUS
This issue is fixed in version 6.5 of Toad for SQL Server and 3.5 of Toad Data Point. The current version of Toad for SQL Server and Toad Data Point can be downloaded from the Support Portal.