Shawn Hargreaves:
Wild guess: are you clearing your rendertargets properly? What color do you clear them to?
I either clear them like such "GraphicsDevice.Clear(Color.TransparentBlack)" (if I don't want to clear the screen), or like so "GraphicsDevice.Clear(BG_Color)" (where BG_Color is any color I specifiy).
In the two screenshots I showed, I first rendered to a rendertarget a blank cleared screen using the color red. I then rendered everything else you see in the screenshots (2 PNG images) to a rendertarget clearing the screen with TransparentBlack. After that I then render the two render targets (now texture2Ds) to my main buffer - first the red screen, then the 2 PNG images.
EDIT: And yes, I did read over Tom Forsyth's article - however, I'm unsure how to implement what he said into XNA...