most likely this is an incompatibility with SA's usage of the name
"logging" as a module name, which is also a standard python module (you
might have the same issue with the "types" module).  absolute module
imports by default are to become the standard in py2.6 and i believe
are supported in py2.5, which should eliminate this silly issue, but i
dont know much about py2exe.

so short answer, "theyre both guilty"...SA for expecting absolute
module behavior, py2exe for assuming relative.

show the py2exe folks the evil thing im doing in sqlalchemy.logging (im
importing the python's "logging" via __import__) and im sure theyll
shake their heads in disgust....if they cant offer a solution, and you
are truly "desperate", youll have to change the name "logging" (and
maybe "types" as well) throughout your SA dist.