I think I may have found my problem. It was in the key bindings config. I had "Tilde" and not "Button_Tilde". I just happened to check in the DA:O key bindings and I caught the discrepancy. So, for those of us using Steam, make sure your key bindings is written right. I'm about to jump back in the game and see if that was my problem.
Edit: Alas. It didn't work. The binding is fixed, but I keep getting the launcher like other people.
[Edited by blackrainart, 3/8/2011 10:37:07 PM]
Try this instead : CTRL+X , example below....
OpenConsole_0=Control + Keyboard::Button_X