Also, a layer in AI can be set to be nonprinting, so you'd see everything on the layer when in the program, but it will print out (or render) blank. Layers set to nonprinting have the title of the layer set to italic.
If nothing looks out of place save to another form of postscript (EPS) and try to open in PS again. If PS will not open your new EPS, there is probably something wrong with the file, or perhaps there is a version issue.
That's not it. While you're correct about the PDF Compatible option, when you try to open it in PS, Acrobat, Preview, etc. it doesn't open as a blank document as mentioned in the original post—it opens as a paragraph of text.
While that text/image is essentially useless to anyone, it does mean that there is another problem at play here... unless the O.P. actually meant this text/image is what shows up and it is not truly "blank."