Seems that the Intel Graphics will have to be updated to work with version 2.6.28 of the Kernel running on Ubuntu 9.04. Performance is not good.
I followed the instructions to use UXA instead of EXA and it improved the perfomance on how graphics are rendered in my notebook. It is still not fast as it used to be though.
Note on Jun/23/2009
I was happy to notice this morning that the list of updates from Ubuntu 9.04 included the kernel (2.6.28-13) and compiz. All visual effects are back and working fine with the Intel Graphics card.