Preview layout with merge root tag in Intellij IDEA/Android Studio

There is a new parentTag tools attribute (added in Android Studio 2.2) that you can use to specify the layout type for a merge tag, which will make the layout render correctly in the layout editor preview.

So using your example:

<merge xmlns:android="http://schemas.android.com/apk/res/android"
    xmlns:tools="http://schemas.android.com/tools"
    android:layout_width="match_parent"
    android:layout_height="match_parent"
    tools:parentTag="LinearLayout"
    tools:orientation="horizontal">

    <TextView
        android:layout_width="wrap_content"
        android:layout_height="wrap_content"
        android:text="Some text"
        android:textSize="20sp"/>

    <TextView
        android:layout_width="wrap_content"
        android:layout_height="wrap_content"
        android:text="Some other text"/>
</merge>

Note: Both android:layout_width and android:layout_height must be specified in order for the layout to display properly in the editor.