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It seems to be purely related to display resolution. I have my monitor set at 1680 x 1050, and I get 4 lines on the monthly view if I have the eM window expanded to almost the full screen height. There is also a space reserved for the weather icons. It would seem that this could be used for another event if needed.
In full screen mode there are 4 appointments, thats right. But at a few days thera are more than 4 entries in the calendar and it would be great to see all. So far I used Thunderbird and so i ́m used to it.
I tried to deactivated the weather function, it was a good idea, but it didn ́t changed anything…
We made few changes in the Month view layout so in the upcoming version 6 there will be space for 5-6 events.
This is now much improved in version 6.
yes, it is 
Thank you for your support.
Jan