As of this morning (3/29/2012), the problem seems to have been resolved.
i can now reboot from the panel and from the terminal; i can also
shutdown from the panel and from the terminal. Thank you! this fix
appplies  not only to my dell inspiron 8300 (ati), but also to my
Latitude d600 and my dell mini 1012, all running 12.04 beta.

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https://bugs.launchpad.net/bugs/967881

Title:
  hangs indefinitely on reboot and shutdown

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