Alright, so good news, the issue is finally solved.
I have worked with Dell to troubleshoot the issue. For future reference and to help other troubleshoot similar issues, here is what we did, some of it resembles what Zaki suggested.
Step 1: Boot in Safe Mode with Networking and determine if issue is present. In my case, it wasn't.
Step 2: Run "msconfig" and disable all non-microsoft services, reboot and determine if issue is still present. In my case, it was, so re-enable all services and reboot.
Step 3: Run "task manager" and disable all startup items. Determine if issue is present. In my case, it wasn't so the culprit is a startup item.
Step 4: Run "task manager" and disable startup items 5 at a time and determine if issue persists. Once you get to a group of items that triggers the issue, restart and disable one by one until you have pinpointed the specific item.
In my case, the culprit was "Dell QuickSet" which, as mentionned by Robert, is related to the "Ambient keyboard light sensor". I have brought this info to Dell and the current driver, version A04, has this issue with some systems and the engineers are working on an updated version, A07. In the mean time, i have disabled that item in startup and will keep checking the Dell website for a release of the driver.
So I am happy with all the great support I got from both Microsoft and Dell. Thank you guys for this!