I've gotten that as well, on CS3 with Vista 64 and Win7 64. I haven't had to save DDS files for a while now, so I'm not sure if I still get it. I think it has something to do with Aero, I remember it acting differently with Aero on or not. I've now got CS4 with Win7, but the Nvidia tools refuse to install, so I can't check it again....
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That's bizarre tho. What OS? Do you have the latest DDS plugin?
And.... "grey".
Yeah it happens on vista and 7 but turning off aero doesn't seem to make a difference. DDS plugin version dosen't seem to matter.