I’m happy to report that nVidia expedited a fix to the issues with their 295.40 driver that’s the default in the initial Ubuntu 12.04 LTS Precise release. You can download the new driver from the nVidia site here (64-bit) or here (32-bit). This new driver solved all my initial issues from this painful initial upgrade. Major kudos to nVidia for publishing a fix so quickly!
For the record, I think that nVidia has shown worked the hardest for their Linux users and remains my first choice for video cards when building my machines.