Hello João,
After I upgraded slime to the most recent, I re-instated my original .emacs file (the one I sent to you as emacs.save) and started a new emacs/slime session using it.
I again did C-x 2, then in the lower frame I did C-x C-left-arrow to get to *inferior lisp* and then I did (sb-ext:describe-compiler-policy) in *inferior lisp* and all of the output went to the upper frame *slime-repl sbcl* the same as with the .emacs you sent.
I was also able to use the delete key to delete all selected text in the *inferior lisp* frame as I once did.
NOTE: I found a file I forgot I had set up. In my home directory I have ".swank.lisp" which contains, with some other stuff to redirect the location of .fasl files:
(declaim #+sbcl(sb-ext:muffle-conditions warning)) (setf swank:*globally-redirect-io* t) (declaim #+sbcl(sb-ext:unmuffle-conditions warning))
which is causing all the output from *inferior lisp* to be sent to the *slime-repl sbcl* frame. My only excuse for forgetting about this is, I'm kind of old and I lose track of things occasionally.
I apologize for my memory lapse and I hope I didn't put you through too much difficulty...
Thanks,
Paul Bowyer