I used the two commands to restore the drive and was left with something I've never seen before - a group, partition, and "failed" partition named "Macintosh HD", with the "failed" partition showing up in red. Attempts to repair the drive failed, and I couldn't delete the failed partition
I had a (slightly) similar problem. I couldn't delete or reformat an empty partition using PB3 (after a failed attempt of installing Windows through Bootcamp). I had to force-partition it using GPartEd. Luckily it worked without data loss. But afterwards it said that my recovery partition had been modified and no longer worked, so I had to remove it, which worked perfectly fine and gave me free space as expected.
Now I'm just wondering how to get back my recovery partition without reinstalling. Or maybe I should do a clean wipe when Yosemite lands officially.