With the upgrade to Ubuntu 14.04.1, which upgrades gvim to version 7.4, I go the same error message. The link frankbell posted didn't help me, seemingly the answer there was replaced, so I had to dig into the problem.
I found that the error message points to some missing xim feature, so I simply uninstalled the gvim provided by Ubuntu, downloaded the source code and specified "--disable-xim" on the configure command line - this fixed the error message.
FYI: To build gvim, I downloaded and extracted the package and then did:
# configure --with-x --enable-gui=motif --enable-fontset --with-features=huge --disable-xim
# make install