[UPDATE April 12th 2013]: Autodesk has released a hotfix for Revit 2012 that fixes this issue even when you have .NET 4.5 installed. See http://autode.sk/158iHpN
I found myself installing Revit Structure 2012 on a computer that already had Revit 2013 installed on it. Revit 2013 is working fine, no issues whatsoever. But when I installed Revit 2012 I immediately ran into an issue: the ribbon wasn't updating properly. For example, when I would go into sketch mode, the checkbox would not update properly or other things wouldn't appear.
At first I thought: "Maybe I didn't install the latest update for Revit 2012..." But in fact, I had. I was running Revit 2012 Update 2.
After further investigation, I discovered that 2012 versions of Revit and older (and Revit 2013 before Update 2) that use the Ribbon Interface have incompatibility issues with the .NET Framework 4.5.
The solution is to completely uninstall .NET 4.5 and reinstall .NET 4.0.
Thanks to Ryan Duell for pointing this out on Revit Clinic.
A point I want to enhasize: It is NOT necessary to do this if you are running Revit 2013 Update 2. However, if you need to run Revit 2012 and 2013 on the same machine then you will have to stick with .NET 4.0 for now.