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Sorry for not replying faster and providing more info. SF tracker didn't email 
me about your comment, and I don't have the RH system at hand right now.
Anyway, it generates:
foo-version.i386.rpm
foo-version.src.rpm
foo-debuginfo-version.i386.rpm
instead of only the binary and src rpm's I would get on Mandrake 9 for 
example, which is what bdist_rpm.py currently expects.

I don't know exactly what goes inside this debug-info rpm, but i guess it's 
probably the binary one compiled with debug symbols on. I can provide 
more info if necessary in a few days.