The main things about it that would make it appealing to me:
#1 - MUCH MUCH MUCH smaller exes. Speed is not an issue to me, but filesize is. Have you ever compiled "Hello world" in a new language, and found that the exe was 100K+, when it really only needs to be less than 1K? And py2exe... I am not averse to using it, but 800 - 1000K+ exes, well, it's just my pet peeve.
#2 - Love of classic hacking wizardry. :^)
The problem is Python is a dynamic language so you HAVE to ship a runtime with it. That hello world bin may be small, but you will still have the Python runtime (at least a meg or so). Consider also module imports. Do they get compiled into the program? Shipped as a dynamic linked library?
Personally, it sounds like a nifty learning project. Realistically that seems to be the only benefit.
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