Synopsis
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This might only be noticeable on dualhead setups, however when you're using an app that uses directshow overlays (like windows media player, media player classic and so forth), mIRC wont collapse back to the systray by clicking the icon. You need to click the mIRC taskbar entity instead. I have the following Tray options enabled:
Always show mIRC icon in tray
Place mIRC in tray when minimized
Animate icon when there is activity
Single click on the tray icon to open

So far, mIRC is the only app I've observed that has this bug.

Expected behaviour
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One click on the mIRC system tray icon will hide mIRC in the system tray (or notification area as Microsoft likes to call it now).

Actual behaviour
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While an active directshow overlay is running (playing back a movie or some such), mIRC wont hide itself until the overlay is minimised or stopped, when WMP is minimised to the right of the taskbar this effect can still be observed when the media information popup is present.