Thank you for your post and taking the time to document this problem.
I am able to replicate the problem on my Windows XP SP3 machine. I have forwarded your post along with my findings to our Development and Software Quality Assurance (Testing) departments for review and confirmation.
I played with this a bit also. I discovered that I could select and perform a recent quick find from the drop down, but couldn't enter and use new find criteria.
I'm encountering this problem seven years later in v15 / Win10. Status on a fix??