The touchpad pretty much has little or no response to movement in any direction. There was some condensation that got on it from taking it out of a chilled (lots of air-conditioning) room to outside (upper 80's). Before, moisture would cause this and then the problem would resolve itself. However now, it seems that it is not recovering at all.
Some notes: I used tissues, which have oil in them, to attempt to dry it off. Perhaps that oil transferred to the touchpad? I doubt that would be an issue since fingers have lots of oil on them that get on touch screens/touchpads all the time...
Touchpad details: Acer Aspire Timeline M5. The touchpad is not a solid piece of plastic, and appears to much more sensitive to any water coming into contact with it.
Update: Whew, it works 100% fine now after shutting down and also using one of those USB cooling fans to provide some drying air for it.