Oh I'm sorry! I'm confusing this bug with the possibly related bug where gnome-terminal itself doesn't obey its own "show menubar" setting.
Good thing you asked me specifically. :-) Sorry for the confusion.
I'm using gnome-shell, so I'm not suffering from this behavior at all, and I don't know if I still have it either if I were to login using Unity. But I did have this behavior when I first did a fresh install of Oneiric, that much I know.