Tried in 7.0 and today's Dev (201105261343).

When you add a namespace before a class, the code generation/code insert doesn't know it's inside of a class. If you comment the namespace, it show options for classes then

namespace Something;

    Class SomethingElse {
        private $privateVar;
    
        | <- cursor here
    }

pressing ctrl+I (Insert code on OS X) will only show:

    Connection to Database...
    Database Table...

commenting out the namespace line and doing the same also shows:

    Constructor...
    Getter...
    Setter...
    Getter and Setter...
    Override & Implement Method...