My machine has now been up for well over 12 hours without any sign of the bug. Last night I was working in Photoshop without a hitch and after leaving the machine on over night it's still running along quite happily. I'm wondering if certain apps that use SMP are causing the problem - more specifically third party apps. I think it's safe to assume that this is not a 'mouse bug' per se, but a timing issue between the two cores making the system skip and stutter and the mouse pointer to freak out. I'll keep on testing and report back in later.

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MacBook Pro 15" | Mac OS X 10.6 • 2 GHz Intel Core Duo • 2 GB DDR2-667 • ATI Radeon Mobility X1600 128 MB • 100 GB Serial-ATA
Hackintosh | Mac OS X 10.5.6 • 3 GHz AMD Athlon 64 X2 6000+ • MSI K9N AM2 • 2 GB DDR2-667 • NVIDIA GeForce 8800 GT 512 MB • ALC888 Audio • 300 GB Serial-ATA
iPhone 3G • 8 GB