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Just in case it helps, this behaviour is on Win XP Pro, Python 2.5.1:
First, I added an alias for 'cp65001' to 'utf_8' in
Lib/encodings/aliases.py .
Then, I opened a command prompt with a bitmap font.
c:\windows\system32>python
Python 2.5.1 (r251:54863, Apr 18 2007, 08:51:08) [MSC v.1310 32 bit
(Intel)] on
win32
Type "help", "copyright", "credits" or "license" for more information.
>>> print u"\N{EM DASH}"
â€"
I switched the font to Lucida Console, and retried (without exiting the
python interpreter, although the behaviour is the same when exiting and
entering again: )
>>> print u"\N{EM DASH}"
Traceback (most recent call last):
 File "<stdin>", line 1, in <module>
IOError: [Errno 13] Permission denied
Then I tried (by pressing Alt+0233 for é, which is invalid in my normal
cp1253 codepage):
>>> print u"née"
and the interpreter exits without any information. So it does for:
>>> a=u"née"
Then I created a UTF-8 text file named 'test65001.py':
# -*- coding: utf_8 -*-
a=u"néeα"
print a
and tried to run it directly from the command line:
c:\windows\system32>python d:\src\PYTHON\test65001.py
néeαTraceback (most recent call last):
 File "d:\src\PYTHON\test65001.py", line 4, in <module>
 print a
IOError: [Errno 2] No such file or directory
You see? It printed all the characters before failing.
Also the following works:
c:\windows\system32>echo heéε
heéε
and
c:\windows\system32>echo heéε >D:\src\PYTHON\dummy.txt
creates successfully a UTF-8 file (without any UTF-8 BOM marks at the
beginning).
So it's possible that it is a python bug, or at least something can be
done about it.