I finally got my hands on a computer that could boot with Ubuntu 9.04 (the last 
version of Ubuntu where this problem did not  appear). 
In Ubuntu 9.04 (gnome 2.26.1) the following entry does NOT exist in gnome 
settings:
/apps/gnome_settings_daemon/keybindings/touchpad

Since setting this entry to empty solves the problems the issue seems to be 
related to the introduction of the key in recent versions of Ubuntu. 
The following comment on a related bug provides a possible explanation:
https://bugs.launchpad.net/ubuntu/+source/xserver-xorg-input-synaptics/+bug/549727/comments/103

In short, the author suspects that gnome_settings_deamon and the
synaptics driver both try to activate and deactivate the touchpad and
one of them fails, which is suffienct to lead to the reported issue.

If you delete the corresponding key in gnome settings then everything
works fine again, since the synaptics driver takes care of this (as has
been the case prior to Ubuntu 9.10).

Now, is this a gnome_settings bug?
Who should take care of switching touchpad on/off? Gnome? The synaptics driver?

I am willing to open a bug upstream if a knowledgeable developer could
provide some indication who should fix the bug.

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https://bugs.launchpad.net/bugs/571638

Title:
  Keyboard does not work when touchpad disable button pressed

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