I am still having this issue on 12.04 LTS

$ dpkg -l gnome-settings*
Desired=Unknown/Install/Remove/Purge/Hold
| Status=Not/Inst/Conf-files/Unpacked/halF-conf/Half-inst/trig-aWait/Trig-pend
|/ Err?=(none)/Reinst-required (Status,Err: uppercase=bad)
||/ Name           Version        Description
+++-==============-==============-============================================
ii  gnome-settings 3.4.2-0ubuntu0 daemon handling the GNOME session settings

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https://bugs.launchpad.net/bugs/969359

Title:
  [keyboard]: gnome-settings-daemon consumes 100% cpu (and blinking
  numlock)

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