@adrocknaphobia I don't think CTRL+R/CMD+R should toggle the recent projects menu.  
The acceptance criteria doesn't specify the behavior but I would expect that CTRL+R/CMD+R would invoke the most Project MRU menu and ESC, ENTER, clicking on another UI element or Brackets Application Frame is deactivated (another top-level application window gains focus) would be the only things that dismiss it.  This should be true if it were invoked from the keyboard or mouse.