I downloaded ETSProjectTools and used "python setup.py bdist_rpm" to build the rpms. I did this on both Fedora 7 and Centos 5.2.
In both cases I had the rpm for python-configobj installed.
I don't know why, but during the builds the setup went out to the net to find configobj. It found it (although I don't know what it did with it) and the builds completed properly. (The setup.cfg had the proper statements in it for doing bdist_rpm and putting files in the right places, including docs.)
However, after I installed (using rpm) and went to run ets, I got a traceback complaining about not being able to find configobj.
I was able to fix it by going into the egg-info directory and editing requires.txt to comment out configobj.
I don't know if this is a problem in the ETS setup.py or the distutils/setuptools, but there ought to be a way to fix it without having to hack the files in the egg-info directory. Either whatever is doing the "requires" function ought to be able to see that configobj.py was sitting right there in site-packages or there ought to be a way to tell the setup.py call to ignore the "requires" functionality for configobj.