Yup. What Terry said. You have to start by connecting via USB, and you have to open a second terminal window
at the same time to accept the Bluetooth connection.
The way it works is...
Start by connecting with the USB cable. Get the configuration menu by holding Stop and pushing up the Aux-1 switch.
Go into the console settings and choose the port the Bluetooth module is connected to (I think this is pin 18/19, right below the USB Programming interface).
You MUST set the baud rate on that port to 9600. That's the only baud rate the USB adapter seems to recognize.
When you choose the option to save and exit that screen, you'll get a prompt on the terminal connected to the Bluetooth interface. You need to hit Y on that terminal to accept the new settings.
Finally, save your settings at the main menu.
And the "Easily Switch Between Serial Devices" feature is also really handy. Before you start with all this, save your default, working setup as setting 1.
From now on, you will be able to start your Altair-Duino with your desired configuration by setting the data switches to the configuration number (eg. “0011” for configuration number 3) then hold the Deposit switch up while powering on the Altair-Duino.
If you get really stuck, there's also a way to reset the settings to default. IIRC, you hold the Reset switch while starting up the Arduino.