I use Emacs and Martin Oldfield's makefiles for edit/build.
M-x compile works fine; you get the g++ output in a separate window.
Clicking on a warning/error with a line number will take you directly to editing that line within that file, as expected.
No IDE preprocessor, so manage my own prototypes and #includes. Standard C/C++ preprocessor now works properly again; Arduino preprocessor bugs are eliminated. Both significant wins.
You can also just check the "use external editor" checkbox in the IDE preferences, which means you edit the file with any editor (vi, emacs) you like but just have to remember to save to disk before hitting the build button in the IDE. Still stuck with the Arduino IDE preprocessor and its problems, though. But at least now you can use a half-decent (or even fully decent) programmers' editor.
Erwin Ried's enhanced 1.0.1 IDE incorporates the upload and then open the serial monitor function you describe, as well as many other small refinements.