I can confirm the bug. Attached is my screenshot.
Killing gnome-panel restores a good panel fully functionally
** Attachment added: panel.png
http://launchpadlibrarian.net/49978570/panel.png
** Tags added: confirmed
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Icons overlapped and Turn-off button on Desktop is not clickable
Thanks for the bug report. This particular bug has already been
reported, but feel free to report any other bugs you find.
** Changed in: gnome-panel (Ubuntu)
Importance: Undecided = Low
** Changed in: gnome-panel (Ubuntu)
Status: New = Invalid
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Icons overlapped and Turn-off button
** Package changed: ubuntu = gnome-panel (Ubuntu)
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Icons overlapped and Turn-off button on Desktop is not clickable
https://bugs.launchpad.net/bugs/585004
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