The "say" command from server console appends a newline to the given text and sends it out as a chat command to clients.
code/cgame/cg_servercmds.c, upon receiving a chat command, appends a newline to the text and prints it.
The result is that between server say and client print, /two/ newlines have been appended to the text and server say lines are followed by a blank line, which looks a little ugly.

The soon-to-be-attached patch removes one of these newlines. I'd also like to make the text of the chat green like player chat is, but perhaps that's more of a mod issue.