I commented on python-dev but maybe it is better to keep discussion here. Could we make the frozenmodules thing into a dynamically loaded module? Then you could have support for end users making their own. E.g. a command-line param that lists a set of DLLs from which to load frozen modules from. Then, if the command-line is not provided, we load from .pyc as per default. If it is provided, we dlopen (or whatever) the DLLs and give the nice performance benefits.
Like Guido, I want to see the toolchain to build the frozenmodules thing.