i can confirm this behaviour in gutsy with all related packages up to date. 
I'll attach a screencast to demonstrate this bug.
NOTE: this only seems to happen when compiz (desktop effects) are activated.

related packages:
==========
gnome-terminal 2.18.1-1ubuntu2
gnome-terminal-data 2.18.1-1ubuntu2
libxrender1 1:0.9.2-1
compiz 1:0.5.2+git20070829-0ubuntu1
compiz-core 1:0.5.2+git20070829-0ubuntu1
compiz-fusion-plugins-extra 0.5.2+git20070829-0ubuntu1
compiz-fusion-plugins-main 0.5.2+git20070829-0ubuntu1
compiz-gnome 1:0.5.2+git20070829-0ubuntu1
compiz-plugins 1:0.5.2+git20070829-0ubuntu1
xserver-xorg-video-ati 1:6.6.193-1ubuntu1

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terminal not resized when you close the penultimate tab
https://bugs.launchpad.net/bugs/135617
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