I have an application that displays some HTML in a QWebview, which references images on the local file system. This works fine directly running the python. When compiling via py2exe, the images no longer load. Google doesn't seem to know the answer, any ideas?
Only png support is native, jpg (and others) is supplied via plugins.
Don't recall the exact paths (and I don't know your platform) but search for the PyQt plugins folder and:

Copy the plugins folder to: $yourprogram/PyQt4/plugins (along with qt.conf)
Edit qt.conf, and change prefix to $yourprogram/PyQt4

You might also need to convince py2exe to also include this folder (verbatim).
Images not loading in QWebview in PyQt4 in py2exe