What is the best approach to implement configuration app with Django?
I think you'll have trouble if you make other apps depend (at interpretation/app-loading time) on values set in your config app.  Can you use some kind of placeholder value in Python code at interpretation time, and then pull in the real config data on the post_syncdb signal?
I need to program kind of configuration registry for Django-based application. 
Requirements:

Most likely param_name : param_value structure
Editable via admin interface
Has to work with syncdb. How to deal with a situation in which other apps depend on configuration model and the model itself has not been initialized yet in DB? Let's say I would like to have configurable model fields properties, i.e. the default value setting?

Any ideas or suggestions would be appreciated.