There's a button in MgmtStudio as well, but you need to customise your toolbar and add it.  It's something of a large button, and it says quite clearly "Hide Results Pane". 

As to bugs, our DBA has put the kybosh on using it with SQL2K databases/servers, due to it's not being designed for/tested with SQL2K.  I can see some merit in this thought.

For me though, Management Studio was just one of the Three Amigos, along with EM and QA.  I used the tool best suited.

S.