When coming out of fullscreen mode and then opening the Preferences dialog via the keyboard (F (fullscreen) -> Alt+T (Tools menu) -> P (Preferences) -OR- Ctrl+P (for direct access to Preferences), the cursor is hidden when hovering over the Preferences dialog.
To show the cursor, I need to click somewhere in VLC's main window before trying any of the above. This is a bit irritating ... I'm on Windows 7 Professional 64 bit.