I recently added a toolbar button to my 1.0.3 IDE called "Upload, then Monitor" (which, with shift, is "Upload with Programmer, then Monitor"). All it does is compile and upload the sketch, if it's successful, then the serial monitor is automatically opened. It makes repeated "edit/test" cycles a bit easier by eliminating the need to hit two buttons.
If anyone would like to try it or use it, please download the attached "pde.zip" file which contains the new "pde.jar" file. In your Arduino /lib directory, rename your existing pde.jar to pde.backup, then unzip the new file into the same place. You should now have two new files: the new pde.jar, and in the theme directory, a new file named "buttons2.gif" which is the modified icons file containing the new "upload, then serial" icon.
See if you like it, and please comment if it works properly, if you have any suggestions, etc....
(mods: if this is in the wrong place, sorry and please move it).