I have a problem in Ubuntu 12.04. The touchpad is laggy. However if I plug an external mouse into it, it doesn't lag. It seems like when I use the touchpad it just skips a couple of frames. And I don't have a problem with an external mouse. I have never had this? problem in 11.10. Any help?
Could it be that the driver just isn't fully compatible with 3.2?
Also, the 3D acceleration is working fine.
specs:
Intel Core 2 Duo T6600
4 GB DDR3 RAM
NVIDIA GEFORCE G210M
500 GB HARDDRIVE

Although i hate ubuntu, when i used it on my laptop to try it out i had the same issue you did.
Try watching this video: http://www.youtube.com/watch?v=A2xfwQGm1tY

Just change the pointer speed.

Nope, tried that. Just faster mouse speed. The problem is like it kinda skips a couple of frames. And when I did that it just did the same but faster.

What make is your touchpad? (Synaptics, ALPS,...)

I am quite sure it is Synaptics. But I don't know which model. How can I find out?

Try this then if its Synaptics: https://help.ubuntu.com/community/SynapticsTouchpad

Thats an article for 10.04 i think, but it should still apply to the new editions.

Model doesn't matter. Only make does. I would try the link startmenuisgone provided. It solved the problems with my netbook back then.

Got something under xinput: ALPSPS/2 ALPS GlidePoint. Maybe I have a ALPS mouse. I must have confused with my other laptop. Any help here?

The Alps PS2 and Alps Glidepoint are the mice, I'm not sure if you actually have the Glidepoint (eraser head mouse), but the controller supports it.