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Dropbox was working in Ubuntu Karmic, but you had to compile it. Probably installing the Jaunty files was also an working (?) alternative.

But the Dropbox developers have finally released Dropbox .deb files and added a Dropbox Ubuntu Karmic Koala repository.

If you wish to simply install the Karmic .deb files, visit Dropbox download page.

To add the repository, simply run the following commands:
sudo sh -c "echo 'deb http://linux.dropbox.com/ubuntu karmic main' >> /etc/apt/sources.list"
gpg --keyserver pgp.mit.edu --recv-keys 3565780E

And then install it:
sudo apt-get install nautilus-dropbox

[via ubunlog]

Update: Dropbox has changed it's repository so I have updated the post with the new address.