Appears to be a duplicate of bug 479826.

I fixed it by removing:

~/.gconf/apps/panel/general/%gconf.xml

~/.gconf/apps/panel/toplevels/panel_1

I think it could be related to dual monitors. I have my laptop, and then
my 24" Dell LCD that I plug into. On the Dell, when it's plugged in, I
have a panel set to auto hide. When it's not plugged in, that panel
doesn't show up on the laptop screen. This all happened randomly when I
was not plugged into the monitor.

It's a bit scary how it can completely destroy your entire system. I
couldn't connect to wireless easily because the wireless applet was
gone, it killed X and froze everything, used up tonnes of CPU and
memory. When I removed gnome-panel it basically rendered everything
(including Nautilus) useless. Quite a major bug I would say, depending
on how often it happens.

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[Lucid] Gnome-panel applets disappear, freezes, locks up computer, 99% CPU usage
https://bugs.launchpad.net/bugs/545521
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