Running with kernel 3.5 RC1 for Quantal doesn't help. If anything it's worse than before, with a straightforward segfault and core dump when I try to launch compiz using the instructions described above. Here's the full log...

test@cefn-precise-compaq:~$ compiz --replace ccp
Checking if settings need to be migrated ...no
Checking if internal files need to be migrated ...no
Backend     : gconf
Integration : true
Profile     : default
Adding plugins
Initializing core options...done
compiz (core) - Warn: failed to receive ConfigureNotify event on 0x2200004

compiz (core) - Warn: failed to receive ConfigureNotify event on 0x1600002

compiz (core) - Warn: failed to receive ConfigureNotify event on 0x420002d

compiz (core) - Warn: failed to receive ConfigureNotify event on 0x4201851

compiz (core) - Warn: failed to receive ConfigureNotify event on 0x1800002

compiz (core) - Warn: failed to receive ConfigureNotify event on 0x4600004

Initializing composite options...done
Initializing opengl options...done
Initializing decor options...done
Initializing vpswitch options...done
Initializing snap options...done
Initializing mousepoll options...done
Initializing resize options...done
Initializing place options...done
Initializing move options...done
Initializing wall options...done
Initializing grid options...done
Initializing session options...done
Initializing gnomecompat options...done
Initializing animation options...done
Initializing fade options...done
Initializing workarounds options...done
Initializing scale options...done
compiz (expo) - Warn: failed to bind image to texture
Initializing expo options...done
Initializing ezoom options...done
compiz (core) - Warn: unhandled ConfigureNotify on 0x4800090!
compiz (core) - Warn: this should never happen. you should probably file a bug about this.
compiz (core) - Warn: unhandled ConfigureNotify on 0x4800093!
compiz (core) - Warn: this should never happen. you should probably file a bug about this.
compiz (core) - Warn: unhandled ConfigureNotify on 0x4800093!
compiz (core) - Warn: this should never happen. you should probably file a bug about this.
compiz (core) - Warn: unhandled ConfigureNotify on 0x4800096!
compiz (core) - Warn: this should never happen. you should probably file a bug about this.
compiz (core) - Warn: unhandled ConfigureNotify on 0x4800096!
compiz (core) - Warn: this should never happen. you should probably file a bug about this.
compiz (core) - Warn: unhandled ConfigureNotify on 0x4800093!
compiz (core) - Warn: this should never happen. you should probably file a bug about this.
compiz (core) - Warn: unhandled ConfigureNotify on 0x4800096!
compiz (core) - Warn: this should never happen. you should probably file a bug about this.
compiz (core) - Warn: unhandled ConfigureNotify on 0x4800099!
compiz (core) - Warn: this should never happen. you should probably file a bug about this.
compiz (core) - Warn: unhandled ConfigureNotify on 0x4800093!
compiz (core) - Warn: this should never happen. you should probably file a bug about this.
compiz (core) - Warn: unhandled ConfigureNotify on 0x4800096!
compiz (core) - Warn: this should never happen. you should probably file a bug about this.
compiz (core) - Warn: unhandled ConfigureNotify on 0x480009c!
compiz (core) - Warn: this should never happen. you should probably file a bug about this.
compiz (core) - Warn: unhandled ConfigureNotify on 0x48000a0!
compiz (core) - Warn: this should never happen. you should probably file a bug about this.
Setting Update "command"
Setting Update "main_menu_key"
Setting Update "run_key"
Segmentation fault (core dumped)