I've upgraded to Ubuntu 12.04 and using Ctrl+Alt+F1 (or F2,F3 ...) no longer switches to a different terminal like it used to in 10.04. Is this the result of a change in some default setting? Is there a way to restore the old behavior?
I have the same issue, and the fix was.. surprising? It turns out my keyboard was not compatible with 12.04 for some reason, swapping keyboards resolved the issue.