I'm reporting this at Georg Brandl's suggestion.

If you unpack the attached (tiny) tarball you get this directory structure:

Graphics/
Graphics/Xpm.py
Graphics/Vector/
Graphics/Vector/__init__.py
Graphics/Vector/Svg.py
Graphics/__init__.py

The Svg.py file has this content:

#!/usr/bin/env python3
from ..Graphics import Xpm
SVG = 1

Here are 3 interactive actions, one each for 3.0, 3.1, and 3.2rc1:

$ python30
Python 3.0.1 (r301:69556, Jul 15 2010, 10:31:51) 
[GCC 4.4.4] on linux2
Type "help", "copyright", "credits" or "license" for more information.
>>> from Graphics.Vector import *
>>> Svg.SVG
1

$ python31
Python 3.1.2 (r312:79147, Jul 15 2010, 10:56:05) 
[GCC 4.4.4] on linux2
Type "help", "copyright", "credits" or "license" for more information.
>>> from Graphics.Vector import *
>>> Svg.SVG
1

$ ~/opt/python32rc1/bin/python3
Python 3.2rc1 (r32rc1:88035, Jan 16 2011, 08:32:59) 
[GCC 4.4.5] on linux2
Type "help", "copyright", "credits" or "license" for more information.
>>> from Graphics.Vector import *
Traceback (most recent call last):
  File "<stdin>", line 1, in <module>
  File "Graphics/Vector/Svg.py", line 2, in <module>
    from ..Graphics import Xpm
ImportError: No module named Graphics

So clearly 3.0 and 3.1 have the same behavior as each other; and this is different from 3.2rc1, and Georg says that 3.0 and 3.1 have a bug and that 3.2rc1 is correct.

PS R. David Murray suggests that this might be related to
http://bugs.python.org/issue7902