I remember the static IP problem being a holdover from Ubuntu 8.10's version of Networkmanager too. Saw some posts on Planet Ubuntu about it.
But 8.10 had the problem from the start, and it's been what, four months since their release? I'm really surprised that bug isn't fixed yet.
Really. I'm looking forward to trying F10 soon, but that is a mighty peculiar bug.
EDIT: Did a search on Ubuntu's launchpad. This bug has actually been around since 2006! And the earliest posts seem to hint that NetworkManager doesn't actually intend to ever support static IP, but maybe that's changed in the past two years.
From
here, one Ubuntu guy gives his networkmanager workaround:
"Open NetworkManager, Edit Connections. Delete the default connection (auto eth0). Add a new connection with the static ip address information. Somewhere during this process, the NetworkManager asks for a legitimation (like sudo)."
No idea if it works, but good luck anyway.