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The code seems high quality and well documented.  I have no
concerns with logging.py as such.

I have two main issues:
* Design decisions:  looking over python-dev, I can not see
a consensus on the design decisions.  I believe that *some*
type of official acceptance of the design should be decreed
by someone.

* Source structure: while this seems quite suitable for an
extension module, the format of the patch is probably not
quite correct for a core module.  For example, the test code
should probably be integrated with the standard Python test
suite (even if in a sub-directory), the Tex docs integrated
with Python's docs etc

So while I think the patch is high quality I believe these
issues need to be addressed before I can do much more.

Setting to "pending" - but good stuff tho!  Please drive
this through!