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Hm... but the same error occurs if one tries to import moduleX from an 
interactive Python session, or from a sibling module.
In other words, in 2.5b1 any module which uses relative imports can be used 
only as a fully-qualified member of a package. It cannot be imported directly 
by a sibling module, and it cannot be used as a main module at all:
$ python2.5 -m package.subpackage1.moduleX
...
 from .moduleY import spam
ValueError: Relative importpath too deep
Given other efforts (PEP 299; PEP 338) to make it easier to use modules both 
as mainlines and as imports, I still think this is a bug.