Same as reported back in March of 2010 (Arduino v0018) here: http://www.arduino.cc/cgi-bin/yabb2/YaBB.pl?num=1268106229
The shortcut key to activate the Serial Monitor is CTRL + SHIFT + M also inserts a CR. As an added bonus: if you have code selected, it will also be deleted :cold_sweat:. Either way your code is somewhat destroyed every time you use this combination of keys.
Yes, there is a beautiful icon in the upper-right but I always avoid using the mouse as much as possible when coding (old habits die hard), there's a reason hotkeys are also called accelerators ;)
Suggestion for a quick and painless solution: Please change the hotkey! :)
OS: Win7 64-bit.