According to the bug description this problem is fixed in Karmic.
** Also affects: gconf2 (Ubuntu Jaunty)
Importance: Undecided
Status: New
** Also affects: gnome-terminal (Ubuntu Jaunty)
Importance: Undecided
Status: New
** Changed in: gnome-terminal (Ubuntu)
Status: Triaged => Fix Released
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[gnome-terminal SRU] Cannot start gnome-terminal (or x-terminal-emulator)
because of gconf error
https://bugs.launchpad.net/bugs/328575
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