I have spent most of three days trying to figure out why this doesn't work, 
because I am very motivated to get ledger working with Python.

The problem is that the boost::python declaration for the "xacts" member is 
using "def" instead of "property" (py_journal.cc line 301).  The example 
python code works if you change it to:

for xact in ledger.read_journal("ledger.dat").xacts():   # Note the () 
after xacts
   for post in xact.posts():  # Note the () after posts
      print "Transferring %s to/from %s" % (post.amount, post.account)

I'm still waiting for a confirmation e-mail so I can add this information 
to the bugzilla bug that was recently opened.

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