I randomly ran into this issue again.  I'm not sure this was ever resolved (i.e. I think it may always have been different from issue 15111).

I still get the above behavior in the default branch.

And here is what I get in the 3.2 branch (the error information is not swallowed):
 
$ ./python.exe -m foo
***
Traceback (most recent call last):
  File ".../Lib/runpy.py", line 161, in _run_module_as_main
    "__main__", fname, loader, pkg_name)
  File ".../Lib/runpy.py", line 74, in _run_code
    exec(code, run_globals)
  File ".../foo/__main__.py", line 1, in <module>
    from foo import bar
  File "foo/bar.py", line 2, in <module>
    raise ImportError('test...')
ImportError: test...