We may have identified a defect with QTP 9.2, but we only have one machine that we can test this scenario on, so I was hoping someone else could try this out too, and if they find the same as I do I'll submit it to HP as a defect.
A dual monitor setup. The second screen to be positioned to the right of the first one.
QTP to be opened on the left side monitor
Internet Explorer to be opened on the right side monitor, on www.google.com
Switch QTP into "low level recording" mode
On the google page, right click the logo so that the right-click menu appears.
Stop recording and playback.
On our machines, this fails unless the IE window is showing in the left hand screen. I think this is something to do with the low level recording doing things by co-ordinates.