"David Abrahams"
I see you're using the VS IDE. What happens when you follow the directions at http://boost.org/libs/python/doc/building.html ? Oh, that's a bug that has since been fixed. Just leave "test" off the command line.
Once I've copied the libraries from bin.v2/.... to the quickstart directory and renamed them from *-vc-* to *-vc80-* the tests run fine. For some reason the .lib and .dll is built according to the *-vc-* name pattern but the linker then searches for *-vc80-*-names. Creating additional copies with the indicated name pattern in the original build location does not allow the test to run. I've tried all this with 1.34.1 rc3 as well and there's no difference except for not needing to exclude test - to phrase it backwards. j