Apparently this is new to 2011 and not necessarily SP4.0
I have 3.0 and mine is under the "View" header.
When I click on it mine is not acting like what you seem to be experiencing.
I believe that most people don't see this as they don't run a resolution low enough such that the longest menus don't fit vertically. If I change my resolution to an ugly 1024 x 768, I can see the same behavior that you are seeing if I drop down the View menu. It has enough choices that it won't all fit and is actually stuck up over the menu line. And when that menu line sees the cursor over it, the focus transfers to it rather than to the sub-menu.
I would consider this a bug and you should submit it.
It just changed locations. In 2011 they added the ability to save drawing views while in 3D Drawing view. 3D Drawing View has been around well before I started using SolidWorks in 2005.
Also, this bug is part of the core Windows UI, although SolidWorks does customize the interface, the issue is fundamentally a Windows error. And, as I'm sure you understand, I'm not seeing it on my system. As Wayne mentioned, you should still submit this as a bug; they might be able to fix it.