I have had this bug in Feisty and still have it in Gutsy.

OUTPUT--------------------------
ed@summit:~$ kcmshell displayconfig


Pythonize constructor -- pid = 5315
Python interpreter initialized!



Pythonize constructor -- pid = 5315
open /dev/mem: Permission denied
VESA BIOS Extensions not detected.
Traceback (most recent call last):
  File "<string>", line 8, in kcontrol_bridge_create_displayconfig
  File "/var/lib/python-support/python2.5/displayconfig.py", line 1698, in create_displayconfig
    return DisplayApp(parent, name)
  File "/var/lib/python-support/python2.5/displayconfig.py", line 441, in __init__
    self.xsetup = XSetup(self.xconfigpath)
  File "/var/lib/python-support/python2.5/displayconfigabstraction.py", line 392, in __init__
    self._finalizeInit()
  File "/var/lib/python-support/python2.5/displayconfigabstraction.py", line 397, in _finalizeInit
    gfxcard._finalizeInit()
  File "/var/lib/python-support/python2.5/displayconfigabstraction.py", line 1116, in _finalizeInit
    screen._finalizeInit()
  File "/var/lib/python-support/python2.5/displayconfigabstraction.py", line 1603, in _finalizeInit
    (cw,ch) = self.available_sizes[0]
IndexError: list index out of range
Error in sys.excepthook:
Traceback (most recent call last):
  File "/var/lib/python-support/python2.5/apport_python_hook.py", line 42, in apport_excepthook
    binary = os.path.realpath(os.path.join(os.getcwdu(), sys.argv[0]))
AttributeError: 'module' object has no attribute 'argv'

Original exception was:
Traceback (most recent call last):
  File "<string>", line 8, in kcontrol_bridge_create_displayconfig
  File "/var/lib/python-support/python2.5/displayconfig.py", line 1698, in create_displayconfig
    return DisplayApp(parent, name)
  File "/var/lib/python-support/python2.5/displayconfig.py", line 441, in __init__
    self.xsetup = XSetup(self.xconfigpath)
  File "/var/lib/python-support/python2.5/displayconfigabstraction.py", line 392, in __init__
    self._finalizeInit()
  File "/var/lib/python-support/python2.5/displayconfigabstraction.py", line 397, in _finalizeInit
    gfxcard._finalizeInit()
  File "/var/lib/python-support/python2.5/displayconfigabstraction.py", line 1116, in _finalizeInit
    screen._finalizeInit()
  File "/var/lib/python-support/python2.5/displayconfigabstraction.py", line 1603, in _finalizeInit
    (cw,ch) = self.available_sizes[0]
IndexError: list index out of range
error: *** runFunction failure
;
ed@summit:~$   kdesu /usr/sbin/ddcprobe
vbe: VESA 3.0 detected.
oem: NVIDIA
vendor: NVIDIA Corporation
product: nv41 Board - e275h0 Chip Rev
memory: 262144kb
mode: 640x400x256
mode: 640x480x256
mode: 800x600x16
mode: 800x600x256
mode: 1024x768x16
mode: 1024x768x256
mode: 1280x1024x16
mode: 1280x1024x256
mode: 320x200x64k
mode: 320x200x16m
mode: 640x480x64k
mode: 640x480x16m
mode: 800x600x64k
mode: 800x600x16m
mode: 1024x768x64k
mode: 1024x768x16m
mode: 1280x1024x64k
mode: 1280x1024x16m
edid: 
edid: 1 3
id: e009
eisa: DELe009
serial: 3034384c
manufacture: 1 2005
input: separate sync, composite sync, sync on green, analog signal.
screensize: 43 27
gamma: 2.200000
dpms: RGB, active off, suspend, standby
timing: 720x400@70 Hz (VGA 640x400, IBM)
timing: 640x480@60 Hz (VGA)
timing: 640x480@75 Hz (VESA)
timing: 800x600@60 Hz (VESA)
timing: 800x600@72 Hz (VESA)
timing: 800x600@75 Hz (VESA)
timing: 1024x768@87 Hz Interlaced (8514A)
timing: 1024x768@75 Hz (VESA)
ctiming: 1280x1024@60
ctiming: 1152x864@75
dtiming: 1680x1050@59
monitorserial: P6537515048L
moni
torrange: 30-83, 56-75
monitorname: DELL 2005FPW

ed@summit:~$ 
/OUTPUT-------------------------

Apparently it is not only restricted to python 2.4 as the errormessages are pointing to the 2.5 version.

That bug has now been annoying me since moths on different ubuntu versions. Is there really no solution? 
I would really try myself, but i am no python guru, and do not know the internals of KDE.

.... ?