|Normal rotation graphics showing basepoint|
|Screenshot of rotation with no basepoint, notice just a line with no arrow at the centre|
After a good while more of investigating, Turns out the rotation base is actually related to you're current workset, and if that workset is turned off in the view you are trying to rotate the object in, you will not get a rotation base
The fix was to change to a suitable workset that is present in the view. Probably not something that would come up very often, but defiantly one to watch for!