I have the same thing on my thinkpad R40e.  I found this bug on kernel.org so 
it looks like it isn't a ubuntu specific issue.

http://bugzilla.kernel.org/show_bug.cgi?id=8246

The good news is that as a workaround you can add ec_intr=0 to your
kernel options.  This worked for me.  My system is back at full speed
and battery monitor etc work fine, though I have to admit that I'm not
sure what this option changes, but it's a better option than
blacklisting the battery and ibm_acpi modules that I was doing before.

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loading ACPI modules and starting HALd took too long time
https://bugs.launchpad.net/bugs/107516
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