I have the exact same problem. Not only with the Downloads folder but with all. (Some programs dl files to other folders.) Also when I create a new image in, say Photoshop, and have the target folder open in the background. When I switch to it, the new file won't show up until I change and come back to the folder.
This problem has come up and gone with my Snow Leopard (Mac Mini, 2,26 GHz) and I don't know how to get rid of it for good.
I disagree with Tiger having a worse Finder handling. I've NEVER had these troubles with Tiger. My iBook G4 1,33 GHz running Tiger still handles Finder issues way quicker than my 2,26 GHz Mac Mini running SL. I'm quite disappointed with Snow Leopard.
But the Finder is the worst part about the Apple Mac OS anyway, compared to the Explorer on Windows. (Not what stability is concerned but user friendliness, quick file handling and visibility of files.) WHY the heel can't I have a directory tree on the left side and still different ways of file views on the right side like in the Explorer???
To make things a bit more concise: If I leave my downloads folder open and then download anything to it, when I tab over to the Finder (or any use other way of getting there) the files that were already visible are still visible but the newly d/l'd ones is not. That is, until I close the window or change the directory and then come back to it.
Oh yeah, the tip with the foo-file didn't work. I.e. the file only showed up in Finder after changing the folder and coming back.