I got this bug after update to 
Linux 2.6.38-11-generic #48-Ubuntu SMP Fri Jul 29 19:02:55 UTC 2011 x86_64 
x86_64 x86_64 GNU/Linux

====================================
The workaround:
boot in recovery mode then 
sudo vi /etc/modprobe.d/blacklist.conf
add line:
blacklist intel_ips

finally reboot
====================================

More info:
$modinfo intel_ips
filename:       
/lib/modules/2.6.38-11-generic/kernel/drivers/platform/x86/intel_ips.ko
description:    Intelligent Power Sharing Driver
author:         Jesse Barnes <jbar...@virtuousgeek.org>
license:        GPL
srcversion:     02AAC1023E865612266D5FA
alias:          pci:v00008086d00003B32sv*sd*bc*sc*i*
depends:        
vermagic:       2.6.38-11-generic SMP mod_unload modversions

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https://bugs.launchpad.net/bugs/651104

Title:
  intel graphics turbo disabled

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