Still in development as I type this but http://code.google.com/p/django-excel-templates/ Django excel templates project aims to do what your asking.
Specifically look at the tests. Here is a simple case:
#
from django_excel_templates import *
from django_excel_templates.color_converter import *
from models import *
from django.http import HttpResponse
def xls_simple(request):
## Simple ##
testobj = Book.objects.all()
formatter = ExcelFormatter()
simpleStyle = ExcelStyle(vert=2,wrap=1)
formatter.addBodyStyle(simpleStyle)
formatter.setWidth('name,category,publish_date,bought_on',3000)
formatter.setWidth('price',600)
formatter.setWidth('ebook',1200)
formatter.setWidth('about',20000)
simple_report = ExcelReport()
simple_report.addSheet("TestSimple")
filter = ExcelFilter(order='name,category,publish_date,about,bought_on,price,ebook')
simple_report.addQuerySet(testobj,REPORT_HORZ,formatter, filter)
response = HttpResponse(simple_report.writeReport(),mimetype='application/ms-excel')
response['Content-Disposition'] = 'attachment; filename=simple_test.xls'
return response