I have a similar problem, but different. My MacBook Air OS X startup disk had almost run out of space (mostly because I have a Windows XP partition for a program I needed), so I spent the day deleting files and then finally using a program called CleanMyMac. Then once I had 6GB free, I attempted a software update.
When I rebooted the MacBook Air, the grey screen, Apple logo and spinning gear seemed to last forever. I shut down the computer and pressed OPTION to see the Macintosh drive and the Windows drive. Both were there. I tried starting up in Windows and it worked fine.
Then, after restarting the computer the spinning gear continued for twenty minutes or so. I was relieved, but it started up in Windows! When I restart the computer again, I press OPTION and the Macintosh drive is totally gone! It doesn't show up, and there's no going into OS X.
I'm not sure if the clean up caused the problem, or if it's a hard drive failure because of the update and low memory. Either way, am I able to get the drive back? Are all of my files gone for good? I don't think I have done anything with Time Machine on this computer.
I would greatly appreciate your help / comments / directions!!
Thanks,
Zach