py2exe-ing larger projects take some time for byte compilation.
psyco can help both the compilation, and the final program. as Armin Rigo writes... "Psyco is a Python extension module which can massively speed up the execution of any Python code."
To speed up Py2Exe insert at the top of setup.py:
and it will compile 2-20 times faster (depending on your code). This can also improve your programs running speed if you insert it in top of the main module.
To generate a log of the process (there is no need to with Py2Exe, but you might want to for your code) simply insert the line "psyco.log()" in-between the two others.