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Unless I'm mistaken there is a misplaced DECREF.

I'd love to attach my patch but cannot do so. Here it is:
http://arigo.tunes.org/hotshot2.diff

A more general note is about using 'N' in Py_BuildValue. Its
implementation seems to be buggy because it does not always
consume a reference: it won't do so if an error occurs
before it gets there. I guess I'll submit a separate bug
report/patch for this too.