This problem is fixed in Ubuntu 9.04 (x11-xserver-utils 7.4+1).
Now xrandr correctly reports these resolutions for my external monitor:
Screen 0: minimum 320 x 200, current 1280 x 1024, maximum 1400 x 1400 VGA connected 1280x1024+0+0 (normal left inverted right x axis y axis) 359mm x 287mm 1280x1024 60.0*+ 75.0 60.0* 1280x960 75.0 60.0 1152x864 75.0 1024x768 85.0 75.0 70.1 60.0 832x624 74.6 800x600 85.1 72.2 75.0 60.3 56.2 640x480 85.0 75.0 72.8 66.7 59.9 720x400 70.1
This problem is fixed in Ubuntu 9.04 (x11-xserver-utils 7.4+1).
Now xrandr correctly reports these resolutions for my external monitor:
Screen 0: minimum 320 x 200, current 1280 x 1024, maximum 1400 x 1400
VGA connected 1280x1024+0+0 (normal left inverted right x axis y axis) 359mm x 287mm
1280x1024 60.0*+ 75.0 60.0*
1280x960 75.0 60.0
1152x864 75.0
1024x768 85.0 75.0 70.1 60.0
832x624 74.6
800x600 85.1 72.2 75.0 60.3 56.2
640x480 85.0 75.0 72.8 66.7 59.9
720x400 70.1