I've been trying to do simulator runs while I'm waiting for my software test suites to run, but the "full screen and blank out other monitors" thing is kind of a bummer.  I see that Windows users can do Alt+Enter to get out of fullscreen mode; is there an equivalent on Mac?  The usual Ctrl+Cmd+F doesn't seem to do it.

Yes, on Windows you can either press Alt+Enter, or add " -screen-fullscreen 0 " to the command line of the executable. 

Not sure what the equivalent on Mac is, I don't own a Mac myself, hopefully some Mac user will be able to chime in with an answer.