This doesn't seem to be fixed in 1:3.4.1-1ubuntu2.
/usr/lib/valgrind/default.supp appears to have suppressions in it:
# Errors to suppress by default with glibc 2.10.x
but the following on amd64 on Karmic is very noisy:
$ valgrind /bin/echo hello
** Changed in: valgrind (Ubuntu)
Status: Fix Released => Confirmed
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Valgrind needs to be recompiled for glibc 2.10
https://bugs.launchpad.net/bugs/423485
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