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Full screen issue

Short answer is im not sure. I assume that has something to do with Razor/Steam needing window focus. But, I can offer you an alternative.

In the launcher, you can force a resolution (as well as Razor and Steam). It takes a bit of fiddling around to get right, but you can basically have a maximized experience with Outlands.

Edit: You could also turn on "Hide Menu Bar" option so when there is no focus on the menu bar, it hides. No guarantee this will work.

Hope that helps!