I have the 27" iMac shown below and I've also been experiencing this. It first happened a few weeks ago, just a couple of days after a clean install of 10.10.3. It only seemed to be happening when I was using Chrome but I've seen other people say it's happened when using only Safari. A few days after it first started bugging me there was the graphics update to 10.10.3 and my iMac was one of the models that got it. I figured this must contain a fix but after a day or so the issue was back.
I tried all the typical things like resetting SMC/PRAM, un-pairing the Magic Mouse and keyboard, etc. but after a few days/hours it always seemed to come back. That said, I've not noticed this issue for about a week now and I'm not doing anything differently. I did notice that there was a Chrome update and I'd only ever seen this when using Chrome so this is either a coincidence or there were some issues with the previous version. I've also seen people mentioning it being Adobe-related but I have none of that on my system. I have Dropbox running and I know that can be a little CPU-hungry but it's very hard to believe it'd be so bad it'd cause actual cursor lag.
I'll report back if the issue returns but, as mentioned, it's been a while now since I've seen it. Let's hope Apple treat the next OS X like they're treating the next iOS in that it'll be more of a performance update that'll fix a lot of long-standing issues. The last thing I want is major new features when basic things aren't working properly.