This is what I get when I open the console (offline) and hit "enter":
12.06.2012 9:58:50,73> electrum -w "../../::/::/ELECTRUM:DAT" -O ADDRESSES
Usage: electrum [options] command
Commands: restore, help, unprioritize, freeze, signmessage, verifymessage, addre
sses, contacts, create, label, validateaddress, unfreeze, reseed, eval, import,
password, sendtx, prioritize, mktx, seed, deseed, balance, payto, history
electrum: error: no such option: -O
Finally this is what I get when I hit enter 3 times (3x close and reopen the console):
12.06.2012 9:58:14,32> electrum -w "../../../../electrum.dat" -o addresses
-- 1ADwVBLHRpnUjq4nSUbP6yDsinHiLQYUBE
-- 14s6FkuN1KXuJV2efBFr6xj7pHmmqqewfn
-- 1FaY7PuSv3bZGpSYA5MeBstvdGQ9jW9LSw
-- 1ARcWC1EKrjHHgR6N7cZ3yHxbdv744TQ8K
-- 1Fdkh7jMcBT7E7QjfPPME5C1c3rmAsg3Q3
Sometimes it even needs 4 or 5 "starts" until I get the correct (lower-case) characters.
OK, this method I'm using is just not reliable enough with Vista. I guess I will just remove this example in the next release.