Syntax coloring in PgAdmin3 (Version 1.10.3 on MacOS) does not correctly deal with nested comments.
Try entering the following in the "Query" window:
/* /*NESTED COMMENT*/ THIS IS STILL A COMMENT */
the words "THIS IS STILL A COMMENT" do not have the comment color.
The PostgreSQL docs specify that comments may be nested, see:
http://www.postgresql.org/docs/8.4/static/sql-syntax-lexical.html#SQL-SYNTAX-COMMENTS
Best Regards,
Jakob Egger