Finger touch input is not registered correctly

I'm running Ubuntu Desktop 12.04 64bit on an HP Elitebook 2760p. This occurs under Unity and gnome-shell, and I imagine any other DE. I am not sure what software provides the functionality I am discussing below, so please assign the bug accordingly.

What is expected: When I use my finger tips to interact with the system, I expect the cursor to move to where my touch was registered. If I tap, I expect a "click" to be sent at the location where I tapped. If I tap and drag, I expect the cursor to follow my input.

What happens instead: The cursor does not first move to where the tap was registered. When I tap, a "click" is sent to whatever happens to be below where the cursor is currently positioned. Tap and drag, again, starts from the location where the cursor was previously located, and uses a strange acceleration (the mouse cursor moves further away the faster I drag). In clearer terms, the touchscreen is behaving less like a tablet and more like a big, dumb trackpad.

Despite these issues, the system's included stylus still functions exactly as expected.

This was working as expected earlier in beta, and changed sometime after mid-February, when I originally installed Ubuntu from a then-current daily ISO. I had not used the installation for some time and recently discovered the issue. I had other issues with that installation, so I thought it wouldbe best to reinstall from today's daily ISO and ran 'aptitude full-upgrade'. The issue persists. Therefore, I believe this is a regression, and not something specific to my machine.

ProblemType: Bug
DistroRelease: Ubuntu 12.04
Package: xorg 1:7.6+12ubuntu1
ProcVersionSignature: Ubuntu 3.2.0-21.34-generic 3.2.13
Uname: Linux 3.2.0-21-generic x86_64
.tmp.unity.support.test.0:

ApportVersion: 2.0-0ubuntu4
Architecture: amd64
CompizPlugins: [core,composite,opengl,compiztoolbox,decor,vpswitch,snap,mousepoll,resize,place,move,wall,grid,regex,imgpng,session,gnomecompat,animation,fade,unitymtgrabhandles,workarounds,scale,expo,ezoom,unityshell]
CompositorRunning: None
Date: Tue Apr 3 23:36:25 2012
DistUpgraded: Fresh install
DistroCodename: precise
DistroVariant: ubuntu
ExtraDebuggingInterest: Yes, whatever it takes to get this fixed in Ubuntu
InstallationMedia: Ubuntu 12.04 LTS "Precise Pangolin" - Beta amd64 (20120403)
MachineType: Hewlett-Packard HP EliteBook 2760p
ProcEnviron:
 LANG=en_US.UTF-8
 SHELL=/bin/zsh
ProcKernelCmdLine: BOOT_IMAGE=/vmlinuz-3.2.0-21-generic root=UUID=7d96300d-f789-4651-83e3-ae71f17143a7 ro quiet splash vt.handoff=7
SourcePackage: xorg
Symptom: display
UpgradeStatus: No upgrade log present (probably fresh install)
dmi.bios.date: 04/18/2011
dmi.bios.vendor: Hewlett-Packard
dmi.bios.version: 68SOU Ver. F.01
dmi.board.name: 162A
dmi.board.vendor: Hewlett-Packard
dmi.board.version: KBC Version 05.31
dmi.chassis.type: 10
dmi.chassis.vendor: Hewlett-Packard
dmi.modalias: dmi:bvnHewlett-Packard:bvr68SOUVer.F.01:bd04/18/2011:svnHewlett-Packard:pnHPEliteBook2760p:pvrA0005F02:rvnHewlett-Packard:rn162A:rvrKBCVersion05.31:cvnHewlett-Packard:ct10:cvr:
dmi.product.name: HP EliteBook 2760p
dmi.product.version: A0005F02
dmi.sys.vendor: Hewlett-Packard
version.compiz: compiz 1:0.9.7.4-0ubuntu1
version.ia32-libs: ia32-libs N/A
version.libdrm2: libdrm2 2.4.32-1ubuntu1
version.libgl1-mesa-dri: libgl1-mesa-dri 8.0.2-0ubuntu3
version.libgl1-mesa-dri-experimental: libgl1-mesa-dri-experimental N/A
version.libgl1-mesa-glx: libgl1-mesa-glx 8.0.2-0ubuntu3
version.xserver-xorg-core: xserver-xorg-core 2:1.11.4-0ubuntu8
version.xserver-xorg-input-evdev: xserver-xorg-input-evdev 1:2.7.0-0ubuntu1
version.xserver-xorg-video-ati: xserver-xorg-video-ati 1:6.14.99~git20111219.aacbd629-0ubuntu2
version.xserver-xorg-video-intel: xserver-xorg-video-intel 2:2.17.0-1ubuntu4
version.xserver-xorg-video-nouveau: xserver-xorg-video-nouveau 1:0.0.16+git20111201+b5534a1-1build2