I know this is an old thread, but I have had a very similar experience with Blue today.
I bought some Rocco dried pizzles from Zooplus recently. He's had three of them. The first one seemed to last him for hours and I was pleased I'd found a natural and long lasting treat.
I gave him another last week, and it seemed to disappear much more quickly. I put it down to it being a smaller one, but the following morning it reappeared from his back end and it was apparent he'd swallowed it pretty much whole!

Fortunately, it had become soft and flexible during the digestive process.
Yesterday, around midday, I gave him a big one. All was well until teatime, when he refused his food. He seemed fine, so I put it down to the excitement of puppy class, and the extra training treats he'd eaten there.
This morning, however, he refused breakfast, and vomitted up a chunk of undigested pizzle, about 1 and a half inches in length. We went out for our morning walk, and he had a normal poo, followed by a very loose one, and then a really yucky one that was mostly mucous.
He's still refusing food, but has had a dog biscuit. He seems his usual playful self, but showing no interest in his usual food at all.
I've thrown out the rest of the pizzles and won't be buying them again.