I haven't heard of anything like this. It sounds like the code window is not initializing at all.
The window contents are implemented with the VsCodeWindowClass, we provide the language service for it. The only thing we're doing that is somewhat out of the ordinary is creating the editor window in a tool window instead of the normal document window.
You could change the creation sequence somewhat by closing the Fact Editor window, then closing your model, then VS, then relaunching and showing the window again. If you're comfortable with attaching a debugger, then you shoud do this before reopening the Fact Editor. However, my guess is that this is having problems at the unmanaged (C++ guts) level of VS, not in the managed code, so it might be difficult to get a callstack. Some basic debugging instructions are included in the readme.htm file (I install this now with the latest release, so it is a little easier to find).
I have to suspect CodeRush here as the incompatible component because it is interacts at a low level with code windows, and the Fact Editor is an IVsCodeWindow. You could temporarily break CodeRush (Inside HKLM/Software/Microsoft/VisualStudio/8.0/Packages, find something with CodeRush in it and add hidden to the dll name in the InprocServer32 value or the CodeBase value (or anywhere you find a dll name in the values)). You'll get a number of messages on relaunch (do not permanently disable CodeRush when you are offered the opportunity). Ignore them, open an .orm diagram, and see if you can view the Fact Editor.
I wish I had more to say on this, I've just never seen it, and showing the editor is pretty standard code pulled straight from the VS SDK.
-Matt