Yes, its a known design issue. More here:
http://blogs.msdn.com/brada/archive/2004/02/15/73535.aspx

...both have constructors that take two strings:

ArgumentException(string message, string paramName)

ArgumentNullException(string paramName, string message)

This swap of arguments does not make any sense. What kind of quality control
these types passed?

Vagif Abilov
Oslo Norway

Brad Abrams mentioned this in the "Designing .NET Class Libraries" series at
http://msdn.microsoft.com/netframework/programming/classlibraries/ .
Apparently the decision was made in v1.0 because the person/group working on
that portion of the code thought it made sense for the parameters to be
ordered differently. Changing it now would break code.