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From what I can immediately tell.  Richard's patch seems to
work.  The only problem that I can see is the section with
the QuotedString call.  I'm not sure how to test this area
(I know I hit it before because I wouldn't have known to
change this without hitting a problem).  If I open a python
session and do the import (either import psycopg2 as psycopg
or from psycopg2 import psycopg1 as psycopg), I cannot
successfully call psycopg.QuotedString.  It appears that I
have to import QuotedString seperately from
psycopg2.extensions.  If my analysis is correct, an
alternative patch might be:

try:
    import psycopg
    from psycopg import QuotedString
except:
    from psycopg2 import psycopg1 as psycopg
    from psycopg2.extensions import QuotedString

and then when QuotedString is called just remove the
psycopg. prefix.

I changed the psycopg import from psycopg2 to use the
documented way per Tobias' message.