The version in the default repositories is fine, but it lacks one key feature that I absolutely love: Single Window Mode. Instead of having three windows for your image and toolboxes, it combines them all into a single window, useful for maximizing use of your available screenspace.
In order to install the latest and greatest version of GIMP, we need to add a PPA:
sudo add-apt-repository ppa:otto-kesselgulasch/gimp
sudo apt-get update
sudo apt-get install gimp
sudo apt-get update
sudo apt-get install gimp
Once that's done, click on Slingshot (the Applications menu) and launch the GIMP Image Editor.
To activate Single Window Mode, click on the Windows menu and click Single Window Mode.
There seems to be a bug where the window will almost be maximized - maybe even maximized too much for your screen size, but you can't actually maximize it or resize it vertically. The maximize button will be missing if this occurs. To get around it, click Edit -> Preferences, select Theme and choose Small. Then you'll be able to maximize GIMP normally.