Hello, I hacked together a module implementing exact real arithmetic via lazily evaluated continued fractions. You can download it from http://www-zo.iinf.polsl.gliwice.pl/~mciura/software/cf.py an use as an almost drop-in replacement for the math module if you don't care too much about performance. I'd be happy to hear any feedback and suggestions.
Cheers, Marcin -- http://mail.python.org/mailman/listinfo/python-list