Same problem here too.
I can confirm, that going back to Kernel 2.6.38-8.42 doesn't have this issue -
just like Jan mentioned it in the bug report.
Interestingly enough it happens to me on an HP laptop too.
Product Name: HP Compaq nc8430
BIOS Information:
Vendor: Hewlett-Packard
V
Dawning, Brian,
I just tested Beta 2 (I didn't try Beta 1) of Ubuntu 11.04 (released on
4/14/2011). I didn't apply any package updates, since I'm just running it from
a USB flash drive.
The -K switch works as expected for me:
with-K -> Alt+Tab switches windows on the LOCAL box
with