I think this is a bug that we will have to fix in our source.
Here is a CurrentCellKeyPress event handler that you can try. Maybe it will give you better results than you are getting now.
private void gridControl1_CurrentCellKeyPress(object sender, System.Windows.Forms.KeyPressEventArgs e)
{
GridCurrentCell cc = this.gridControl1.CurrentCell;
GridStyleInfo style = this.gridControl1[cc.RowIndex, cc.ColIndex];
if(style.AutoSize && style.WrapText)
{
this.gridControl1.BeginUpdate();
cc.ConfirmChanges(false);
GridRangeInfo range = GridRangeInfo.Cell(cc.RowIndex, cc.ColIndex);
int nOldHeight = this.gridControl1.GetRowHeight(cc.RowIndex);
this.gridControl1.RowHeights.ResizeToFit(range, GridResizeToFitOptions.NoShrinkSize|GridResizeToFitOptions.ResizeCoveredCells);
this.gridControl1.EndUpdate();
if(this.gridControl1.GetRowHeight(cc.RowIndex) != nOldHeight)
this.gridControl1.Refresh();
}
}