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[Martin]
> tim_one: Why do you think your proposed modification of
> introducing get_traceback would help? The frame foo still
> refers to s (which is an O), and s.e will still refer
> to the traceback that includes foo.

Sorry about that!  It was an illusion, of course.  I wanted
to suggest a quick fix, and "tested it" too hastily in a
program that didn't actually bloat with /or/ without it.

For the OP, I had need last year of capturing a traceback
and (possibly) displaying it later in ZODB.  It never would
have occurred to me to try saving away exc_info(), though. 
Instead I used the `traceback` module to capture the
traceback output (a string), which was (possibly) displayed
later, with annotations, by a different thread.  No cycles,
no problems.

BTW, I must repeat that there is no simple-minded way to
'repair' this.  That isn't based on general principle, but
on knowledge of how Python is implemented.