With the current version installed, I get:

(quantal-amd64)root@cthulhu:~# apt-add-repository ppa:smoser/ppa -y
gpg: keyring `/tmp/tmpd4te1g/secring.gpg' created
gpg: keyring `/tmp/tmpd4te1g/pubring.gpg' created
gpg: requesting key 03683F77 from hkp server keyserver.ubuntu.com
gpg: /tmp/tmpd4te1g/trustdb.gpg: trustdb created
gpg: key 03683F77: public key "Launchpad PPA for Scott Moser" imported
gpg: Total number processed: 1
gpg:               imported: 1  (RSA: 1)
OK
(quantal-amd64)root@cthulhu:~# ls -l .gnupg     
ls: cannot access .gnupg: No such file or directory

Did you upgrade python3-software-properties as well?

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https://bugs.launchpad.net/bugs/1060335

Title:
  apt-add-repository fails

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