SQLAlchemy uses bind parameters when executing SQL - ie. the values
don't get substituted into the SQL string, but get passed to the
underlying DBAPI module separately. This is generally what you want,
as bind parameters avoid potential SQL-injection security holes.
There is a recipe on the wiki for getting the SQL string with the
parameters inserted, but you should read the warning at the top
carefully and fully understand the dangers:
http://www.sqlalchemy.org/trac/wiki/UsageRecipes/BindsAsStrings
Hope that helps,
Simon