Hmm. What could be the problem here?
Simple, once realized: the easy_install I was running was based on Python for Windows, so running it under Cygwin still reported the state of the Windows installation! That's one slight down-side to Cygwin picking up so mcuh from the Windows side of things: sometimes it gets holds of things it shouldn't.
$ easy_install-2.5 SQLAlchemy
Searching for SQLAlchemy
Best match: sqlalchemy 0.4.2dev-r3811
sqlalchemy 0.4.2dev-r3811 is already the active version in easy-install.pth
Processing dependencies for SQLAlchemy
Finished processing dependencies for SQLAlchemy
Python 2.5.1 (r251:54863, May 18 2007, 16:56:43)
[GCC 3.4.4 (cygming special, gdc 0.12, using dmd 0.125)] on cygwin
Type "help", "copyright", "credits" or "license" for more information.
>>> import sqlalchemy
Traceback (most recent call last):
", line 1, in
ImportError: No module named sqlalchemy