System Information
64bit Manjaro Linux, kernel 3.14.29
CPU: AMD Phenom II 970 Deneb quad-core
GPU: nVidia GTX 650 Ti, driver 343.36

Blender Version
Broken: Buildbot Build 2.73 4cbf2ebd
Worked: Unknown

Short description of error
When using duplifaces, dupliverts, and other forms of duplication, a child object is duplicated on each face, vertex, etc. When this is done, the object being duplicated is hidden during the render.

However, if the object being duplicated has a particle system on it, then it is not hidden. Upon further investigation, it appears that the particle system's "Emitter" option under the Render section is responsible. If Emitter is unchecked, then only the duplicates are rendered (as expected).

So, the Emitter option is overriding whatever checks are used for hiding the duplication object. Obviously, turning it off eliminates the problem, but if you want the emitters to be visible in addition to the particles, then you're stuck.

Exact steps for others to reproduce the error

1. Open this .blend file:
   Duplifaces_NoVanishBug.blend124 KBDownload
2. Render. Note that the center object is visible (incorrect).
3. Select the center object, go to the Particle Tab, and then turn off Render->Emitter
4. Render again. Note that the center object no longer renders (correct).
5. Turn the Render->Emitter option back on. Then go to the Modifiers tab, and Hide the ParticleSystem for both Render and Camera.
6. Render again. Note that the center object is rendered again, even without the particles (incorrect)
7. Go back to the Particle Tab, and then remove the particle system entirely.
8. Render again. The center object no longer renders once again (correct)