I noticed this behaviour on my calendar so I double-checked the demo on calendarscript to see if the same behaviour existed and it does.
Basically, the top alignment of the first line of text changes from view to view.
So in Month view it's great - right at the top, but in two-week and week GRID and today-list views, the first line is dropped down as if there is a <br> or <p> tag inserted in the code, which there is not.
And it is doing something similar on the demo calendar on the calendarscript site - in the week, 2 week, 3 week and a little bit on the 4week view -- and also on the today-List view as well as the search page.
This is important to my implementation of it because of layout issues - we want consistency and a clean look.