After a few weeks of slow work, I finally have released python-fedex.This module is a very light wrapper around suds and the Fedex WSDLs. There is very little abstraction, the idea is just to handle the annoying WSDL stuff behind-the-scenes and raise some basic exceptions if really bad things happen.
By figuring out the suds+WSDL end of things, I hope to allow other Python developers to jump into their projects much more quickly. This will be used in a production environment at IP, and will see extensive testing starting in a few weeks.
If you are at all interested or curious, see the python-fedex Google Code page.