According to the online help documentation, it seems possible that a spatial view against an Oracle/non-versioned/registered with the GDB/st_geometry/feature class is possible. The view creates without error, but cannot be viewed afterwards, giving a generic 'cannot display' error message. The user that is attempting to create the view has create view privileges.
Are we mis-reading the help documentation? Is this possible with our configuration? Sure we know that spatial views can be created at the command line, but are more interested in the desktop tool solution rather then the soon to be deprecated command line tools.
ArcGIS Desktop 10.1 SP1 (no QIP)
ArcSDE 10.0 SP5