Operating system and graphics card
Windows 7 x64, GTX 580 3Gb for display, GTX 780 6 Gb for render
Broken: (example: 2.69.7 4b206af, see splash screen) : 2.76 x64 RC2 (and 2.75 x64)
Short description of error
I checked the Simplify option in the Scene panel and set the subdivsion level for viewport at 0. I let the Render subdivision at 6.
The tail has a subsurf level at 2 and as you can see in the picture, the sticker which is a subdivided plane (no subsurf modifier) with a modifier shrinkwrap (settings in the picture) is no rendered as expected when Simplify option is checked. If I uncheck the Simplify option, the render is ok.
Exact steps for others to reproduce the error
Based on a (as simple as possible) attached .blend file with minimum amount of steps