I've executed the test case on a Lucid system.  Here's the output for the 
2.6.32-41.94 kernel:
# uname -a
Linux lucid 2.6.32-41-generic #94-Ubuntu SMP Fri Jul 6 16:51:39 UTC 2012 i686 
GNU/Linux
# ./leap_seconds 
now: 1343779191:18314044  diff: 0:275081 rem: 0:0
now: 1343779191:518753118  diff: 0:439074 rem: 0:0
now: 1343779192:18885544  diff: 0:132426 rem: 0:0
now: 1343779192:519186044  diff: 0:300500 rem: 0:0
now: 1343779193:19389186  diff: 0:203142 rem: 0:0
now: 1343779193:520615448  diff: 0:1226262 rem: 0:0
now: 1343779194:20769790  diff: 0:154342 rem: 0:0
now: 1343779194:520932743  diff: 0:162953 rem: 0:0
now: 1343779195:21301107  diff: 0:368364 rem: 0:0
now: 1343779195:521610712  diff: 0:309605 rem: 0:0
now: 1343779196:21818618  diff: 0:207906 rem: 0:0
now: 1343779196:522070412  diff: 0:251794 rem: 0:0
now: 1343779197:22276862  diff: 0:206450 rem: 0:0
now: 1343779197:522477856  diff: 0:200994 rem: 0:0
now: 1343779198:22686111  diff: 0:208255 rem: 0:0
now: 1343779198:522924932  diff: 0:238821 rem: 0:0
now: 1343779199:24238584  diff: 0:1313652 rem: 0:0
now: 1343779199:524540590  diff: 0:302006 rem: 0:0
now: 1343779199:24829471  diff: 0:-999711119 rem: 0:0
now: 1343779199:24938078  diff: 0:-499891393 rem: 0:0
now: 1343779199:24982361  diff: 0:-499955717 rem: 0:0
now: 1343779199:25022793  diff: 0:-499959568 rem: 0:0
now: 1343779199:25063446  diff: 0:-499959347 rem: 0:0
now: 1343779199:25104451  diff: 0:-499958995 rem: 0:0
now: 1343779199:25147178  diff: 0:-499957273 rem: 0:0
now: 1343779199:25193846  diff: 0:-499953332 rem: 0:0
now: 1343779199:25243894  diff: 0:-499949952 rem: 0:0
now: 1343779199:25286937  diff: 0:-499956957 rem: 0:0
now: 1343779199:25332647  diff: 0:-499954290 rem: 0:0
now: 1343779199:25374189  diff: 0:-499958458 rem: 0:0
now: 1343779199:25413411  diff: 0:-499960778 rem: 0:0
... 
# dmesg
[  161.756872] Clock: inserting leap second 23:59:60 UTC

With the new 2.6.32-42.95 kernel, here's the output:
# uname -a
Linux lucid 2.6.32-42-generic #95-Ubuntu SMP Wed Jul 25 15:57:54 UTC 2012 i686 
GNU/Linux
root@lucid:/home/ubuntu/Downloads# ./leap_seconds 
now: 1343692791:233925009  diff: 0:178887 rem: 0:0
now: 1343692791:734525073  diff: 0:600064 rem: 0:0
now: 1343692792:234689367  diff: 0:164294 rem: 0:0
now: 1343692792:734955710  diff: 0:266343 rem: 0:0
now: 1343692793:235121427  diff: 0:165717 rem: 0:0
now: 1343692793:735387972  diff: 0:266545 rem: 0:0
now: 1343692794:235636709  diff: 0:248737 rem: 0:0
now: 1343692794:735885332  diff: 0:248623 rem: 0:0
now: 1343692795:236064344  diff: 0:179012 rem: 0:0
now: 1343692795:736370441  diff: 0:306097 rem: 0:0
now: 1343692796:236552965  diff: 0:182524 rem: 0:0
now: 1343692796:736751874  diff: 0:198909 rem: 0:0
now: 1343692797:236931281  diff: 0:179407 rem: 0:0
now: 1343692797:737179866  diff: 0:248585 rem: 0:0
now: 1343692798:237285693  diff: 0:105827 rem: 0:0
now: 1343692798:737387092  diff: 0:101399 rem: 0:0
now: 1343692799:237472566  diff: 0:85474 rem: 0:0
now: 1343692799:737590980  diff: 0:118414 rem: 0:0
now: 1343692800:237755920  diff: 0:164940 rem: 0:0
now: 1343692800:737882098  diff: 0:126178 rem: 0:0
now: 1343692801:238105101  diff: 0:223003 rem: 0:0
now: 1343692801:738282994  diff: 0:177893 rem: 0:0
now: 1343692802:238484975  diff: 0:201981 rem: 0:0
now: 1343692802:739666912  diff: 0:1181937 rem: 0:0
now: 1343692803:239852875  diff: 0:185963 rem: 0:0
now: 1343692803:740122243  diff: 0:269368 rem: 0:0
now: 1343692804:240333133  diff: 0:210890 rem: 0:0
now: 1343692804:740595533  diff: 0:262400 rem: 0:0
now: 1343692805:240814256  diff: 0:218723 rem: 0:0
...
# dmesg
[   53.648003] Clock: inserting leap second 23:59:60 UTC

I'm tagging this bug as verified for Lucid.

** Tags removed: verification-needed-lucid
** Tags added: verification-done-lucid

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https://bugs.launchpad.net/bugs/1020285

Title:
  Addition of leap second causes spuriously high CPU usage and futex
  lockups

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