iCal please stop setting my appointments to all day

Lion's iCal changes default behavior of the new event creation in Month View and creates all day events by default. This is one of the most annoying bugs in Lion. But it is really not a bug. I learned today that if you type the name of your meeting and the start time; it will make the new event, set the time, and default the duration to 1 hour. For example, in month view, double click the date you want the appointment to be on. Then type "Meeting Information at 3p". (There is no need to use "at"  if you don't want to)

iCal will set the appointment on the date at 3pm lasting to [...]