It sounds like you may have the
use_simple_full_screen set to
true in your settings? By default, Sublime Text uses the native full screen behavior in 10.7+.
use_simple_full_screen is a setting that changes the behavior to fill the current space with the Sublime Text window in borderless mode, and the menu set to auto-hide.
We've deprecated the
use_simple_full_screen setting and it is no longer included in the default settings since there are some edge-case bugs in the interaction of it with native full screen that we haven't yet found a way to work around. It will likely be removed in some future build.