I'm having exactly these symptoms on kubuntu 11.10 with a wireless mouse (logitech m215) on an eMachines em350 netbook. I've also tried restarting kdm, and rmmod/modprobing usbhid and psmouse. Nothing works, that I can see, except a reboot. 

Please let me know if I can provide any more debugging info.

naught101@eM350:~$ uname -a
Linux eM350 3.0.0-17-generic #30-Ubuntu SMP Thu Mar 8 17:34:21 UTC 2012 i686 i686 i386 GNU/Linux

naught101@eM350:~$ sudo lsusb -s 002:003 -v
Bus 002 Device 003: ID 046d:c52f Logitech, Inc. Wireless Mouse M305
Device Descriptor:
  bLength                18
  bDescriptorType         1
  bcdUSB               2.00
  bDeviceClass            0 (Defined at Interface level)
  bDeviceSubClass         0 
  bDeviceProtocol         0 
  bMaxPacketSize0         8
  idVendor           0x046d Logitech, Inc.
  idProduct          0xc52f Wireless Mouse M305
  bcdDevice           22.00
  iManufacturer           1 Logitech
  iProduct                2 USB Receiver
  iSerial                 0 
  bNumConfigurations      1
  Configuration Descriptor:
    bLength                 9
    bDescriptorType         2
    wTotalLength           59
    bNumInterfaces          2
    bConfigurationValue     1
    iConfiguration          4 RQR22.00_B0005
    bmAttributes         0xa0
      (Bus Powered)
      Remote Wakeup
    MaxPower               98mA
    Interface Descriptor:
      bLength                 9
      bDescriptorType         4
      bInterfaceNumber        0
      bAlternateSetting       0
      bNumEndpoints           1
      bInterfaceClass         3 Human Interface Device
      bInterfaceSubClass      1 Boot Interface Subclass
      bInterfaceProtocol      2 Mouse
      iInterface              0 
        HID Device Descriptor:
          bLength                 9
          bDescriptorType        33
          bcdHID               1.11
          bCountryCode            0 Not supported
          bNumDescriptors         1
          bDescriptorType        34 Report
          wDescriptorLength      67
         Report Descriptors: 
           ** UNAVAILABLE **
      Endpoint Descriptor:
        bLength                 7
        bDescriptorType         5
        bEndpointAddress     0x81  EP 1 IN
        bmAttributes            3
          Transfer Type            Interrupt
          Synch Type               None
          Usage Type               Data
        wMaxPacketSize     0x0008  1x 8 bytes
        bInterval               2
    Interface Descriptor:
      bLength                 9
      bDescriptorType         4
      bInterfaceNumber        1
      bAlternateSetting       0
      bNumEndpoints           1
      bInterfaceClass         3 Human Interface Device
      bInterfaceSubClass      0 No Subclass
      bInterfaceProtocol      0 None
      iInterface              0 
        HID Device Descriptor:
          bLength                 9
          bDescriptorType        33
          bcdHID               1.11
          bCountryCode            0 Not supported
          bNumDescriptors         1
          bDescriptorType        34 Report
          wDescriptorLength      79
         Report Descriptors: 
           ** UNAVAILABLE **
      Endpoint Descriptor:
        bLength                 7
        bDescriptorType         5
        bEndpointAddress     0x82  EP 2 IN
        bmAttributes            3
          Transfer Type            Interrupt
          Synch Type               None
          Usage Type               Data
        wMaxPacketSize     0x0014  1x 20 bytes
        bInterval               2
Device Status:     0x0000
  (Bus Powered)