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I've been testing various 3rd-party python code against 3.3b1, and see
 ValueError: level must be >= 0
exceptions where C code is using PyImport_ImportModuleEx.
PyImport_ImportModuleEx reads as
 63 #define PyImport_ImportModuleEx(n, g, l, f) \
 64 PyImport_ImportModuleLevel(n, g, l, f, -1)
within http://hg.python.org/cpython/file/aaa68dce117e/Include/import.h as of now (2012年08月09日)
Within PyImport_ImportModuleLevel there's this check:
 1280 if (level < 0) {
 1281 PyErr_SetString(PyExc_ValueError, "level must be >= 0");
 1282 goto error;
 1283 }
which thus always fires.
So it would seem that currently any usage of PyImport_ImportModuleEx will fail.