The display member for empty string value in GridViewComboBoxColumn is not displayed. The following code reproduces the issue:

GridViewComboBoxColumn cboInsRslCd = new GridViewComboBoxColumn();
cboInsRslCd.DataType = typeof(string);
List<ItemComboBox> liste = new List<ItemComboBox>();
liste.Add(new ItemComboBox("", "[None]"));
liste.Add(new ItemComboBox("A", "A"));
liste.Add(new ItemComboBox("B", "B"));
liste.Add(new ItemComboBox("C", "C"));

cboInsRslCd.DataSource = liste;
cboInsRslCd.ValueMember = "CleItem";
cboInsRslCd.DisplayMember = "ValeurItem";
cboInsRslCd.NullValue = "[None]";
this.radGridView1.Columns.Add(cboInsRslCd);

WORKAROUND:  subscribe to the CellEndEdit event and change the stored value in the event handler:
private void RadGridView1_CellEndEdit(object sender, GridViewCellEventArgs e)
{
    if (e.Value == null)
    {
        e.Row.Cells[e.Column.Name].Value = "";
    }
}

http://www.telerik.com/community/forums/radgridview-comboboxcolumn-displays-no-value-for-member-with-empty-string-value-is-selected