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The objects I do want in the traceback are the objects necessary to print a traceback, but not the locals and globals of each frame.
For example:
def bar():
 x = "stuff"
 raise Exception("example!")
bar()
prints: 
Traceback (most recent call last):
 Line 4, in <module>
 bar()
 Line 3, in bar
 raise Exception("example!")
Exception: example!
There is no reason in that example to have a reference to "x" in the traceback, since it's not used in the output. This becomes important when I try to save a reference to the traceback object and raise it later:
import sys
def bar():
 x = "stuff"
 raise Exception("example!")
try:
 bar()
except:
 exc_info = sys.exc_info()
def foo(e):
 raise e[0], e[1], e[2]
# sometime possibly much later...
foo(exc_info)
Traceback (most recent call last):
 Line 12, in <module>
 foo(exc_info)
 Line 6, in <module>
 bar()
 Line 4, in bar
 raise Exception("example!")
Exception: example!
During that "sometime possibly much later..." comment, a reference to "x" is held, when it will not be used in printing the traceback later. So, I would not like to keep a reference to "x", and currently there is no way to do that without also dropping a reference to the data needed to print the traceback.