Problem:
On many NAS devices, SMB Signing is enabled as it causes a rather large performance hit.  When accessing a NAS configured with SMB signing disabled, Windows 8 and Windows 2012 machines cannot browse the folder structure.  Other versions of Windows do not have problems.

If using DFS, the problem presents itself as a DFS problem.  However, the problem is due to not being able to browse the DFS target, not the DFS link itself.

I have confirmed this to be an issue with EMC and Netapp, and I'm sure it is the same with all vendors.

Resolution:
Disable SMB Signing by setting the RequireSecureNegotiate value to 0.  The registry key is located in:
HKLM\SYSTEM\CurrentControlSet\Services\LanmanWorkstation\Parameters

Or you can use the following powershell one-liner to set it for you:

Set-ItemProperty -Path “HKLM:\SYSTEM\CurrentControlSet\Services\LanmanWorkstation\Parameters” RequireSecureNegotiate -Value 0 -Force