I just upgraded to Ubuntu 10.10 on my ThinkPad and the only issue so far is that TrackPoint scrolling had stopped working. To re-enable it I used GPointingDeviceSettings and set the following settings:

The important change was to set the wheel emulation’s button to 2, not 4 as it appeared to have been set to. If you don’t have GPointingDeviceSettings installed:
sudo apt-get install gpointing-device-settings
Update:
This original method didn’t survive a power-cycle but I found adding this file to /usr/share/X11/xorg.conf.d/20-thinkpad.conf will work:
1 2 3 4 5 6 7 8 9 10 11 | Section "InputClass" Identifier "Trackpoint Wheel Emulation" MatchProduct "TrackPoint" MatchDevicePath "/dev/input/event*" Driver "evdev" Option "EmulateWheel" "true" Option "EmulateWheelButton" "2" Option "Emulate3Buttons" "false" Option "XAxisMapping" "6 7" Option "YAxisMapping" "4 5" EndSection |
Bother. That didn’t survive a power cycle, similar to the issue I had with disabling the touchpad on Ubuntu 10.04.
I haven’t found a solution yet but will update this post when I do.