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Your Caller ID experience mirrors mine.
I think the not closing thingy is probably on purpose, it is easy to accidentally click on the wrong icon and then you would have to restart the application if you didn't mean to close it. I have found a number of programs that seem to work the same way, so I guess I am somewhat used to that behavior. If you really want to close the application you don't need to close the pop-up first, just close it on the taskbar.
I think the formatting problem is due to the screen resolution you are using. I am using 1280x1024 and it works fine, if you are using something higher I suspect that is why it is clipping the text. I suggest you call the Call Assistant Help Desk and report that, they probably won't fix it until they get enough complaints (and by the way, I have found the Call Assistan Help Desk to be really interested in feedback on the tool).
Verizon FiOS TV, Internet, and phone
If your monitor is widescreen and your display setting is set for large (120 DPI) vs normal (96 DPI), you get the clipped display. I set mine back to the 96 DPI and the popup was fine. The problem is that on my 24 inch widescreen, 96 DPI has everything too small.
This is a bug Verizon needs to fix. I have reported it and others should also. I still use the service, but like you, have to close it out from the taskbar.
There is a "cleaner" alternative to close the pop up GUI panel, although it's no easier & certainly no more GUI-Standard than the rest of the application. The CA Tray Icon menu has an item named "Programs", and Call Assistant is (so far) the only item listed under this. There's a checkbox to the left of Call Assistant -- choosing this option toggles the check; if it's checked that means the pop up is displayed, unchecked - not displayed.
Verizon, please fix the Large Font clipping issue - are there really still employed professional programmers who ignore font managment??? How long have GUI OSs been in use now???