From:
Ubuntu Precise 12.04 - TI OMAP Release PPA Update October 2012
Known Issues:
* BT is not supported - shall be fixed next month.
Maybe sometime soon.
Its curious to me that as far as I know, Bluetooth has never worked on the Pandaboard Linux builds, but when I played with an Android 3.2 build Bluetooth appeared to work, Although I did little more than see that it could scan for devices.
--wally.