I just did a build of trunk with Python 2.7 on Windows 7. Had to grab the windows installers for psycopg2 and py2exe. Worked just fine once I commented out ABOUT from the date_files list (line 75 in setup_exe.py) - apparently that file isn't included anymore. I don't have a PostgreSQL server handy anymore, but when I fire up web2py.exe the console lists PostgeSQL as one of the available database drivers so I'd assume it'd work.
~Brian
