Thanks to Christophe Weis responding to the bug reported here:
https://bugs.launchpad.net/ubuntu/+bug/563161
to fix the issue, you can simply add a symlink to get things working:
sudo ln -s /usr/bin/compiz /usr/bin/compiz.real
Apparently after upgrading to 10.04, the file /usr/bin/compiz.real is missing as Christophe points out is mentioned in syslog.
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