Nicholas, I have a particular interest in this subject as well. I've also used the Python/Scipy combination, and it is a tantalizing combination, but I found it to be a bit more clumsy than I'd like. Plus, my need for continuous-time simulation is not as great as it has been in the past.
That said, I've been down this path before (see http://custom.lab.unb.br/pub/asme/DYNAMICS/BUFORD1.zip), and I would be interested in helping to develop something. I agree that Python would be a great foundation to build upon. -- http://mail.python.org/mailman/listinfo/python-list