I am using latest version of Woocommerce 2.1.12
I am using one page checkout which doesn't make any difference, still have issue.
When you click proceed to checkout in IE8 the page becomes one column instead of two, and the payment box for credit card at bottom of page disappears. Works perfect in Firefox, Safari, IE10, Chrome.
One observation, the 'checkout' page has the woo commerce tag, if you look at html for that page it has 'p' tags before and after the woo commerce short code. The tags are being inserted automatically.