There is an application on kde-apps.org called ksuperkey (http://kde-apps.org/content/show.php?content=154569) that ehances the Super key (Windows key, on most keyboards) operation. This app allows the key to be used to bring up and hide the launcher without hindering its use a modifier key. The app works well in the new "Application Launcher Style", but in Classic Style, which is what I prefer, the second pressing of the Super key does not hide the launcher. Reproducible: Always Steps to Reproduce: 1. Install ksuperkey 2. Press to bring up Launcher menu while using Classic style 3. Press second time to hide launcher menu Actual Results: Launcher menu remains visible with focus. Expected Results: Launcher menu disappears and focus returns to original application.
Just to clarify, this bug affects all shortcuts for the traditional application launcher menu. Try to e.g. set the shortcut to Alt+F1 and press it twice - the menu doesn't hide, as it does with Kickoff.
*** This bug has been marked as a duplicate of bug 274914 ***