Update 2012-04-25: mysql workbench has now appeared in the universe package archive. You should be able to install it with a simple:
sudo apt-get install mysql-workbench
Read on if you still want to compile from source.
Right now (2012-04-04), Ubuntu 12.04 hasn’t been released yet, and so there is no binary package from Oracle of MySQL Workbench for Precise. I managed to get the MySQL Workbench binaries for Oneiric to run, by manually installing libzip1_0.9.3-1_amd64.deb from Oneiric, but this wasn’t stable (crashed as soon as I tried to run a SQL Query).
So I decided to build from source. Here’s how I did it (more…)