Option "EmulateWheel"
Option "EmulateWheelButton" "2"
Another thing which makes it imperfect is that IBM's Active Protection System, which can protect harddisks when it is tiled or dropped suddenly, is not supported by Ubuntu, and probably any Linux distributions.
Of course there is still some grunt-work to do to fully utilize your Thinkpad. You can probably find tons of hints and tips by searching the Internet. This is actually the attraction of Linux: make it work and learn from it.
Moreover, I also installed an Eye-candy, XGL+Beryl, and it worked well on my RADEON 7500 (32M) card, which is awesome! I am always impressed by fancy stuff :-) This guide and this article from the Beryl Wiki helped a lot. Don't forget to get one! Even my wife, who has a MacBook said "it rocks"! :-)