An alternative: The xlrd package has a reader. The xlwt package (a fork of pyExcelerator) has a writer. They handle filesizes of 100s of MB cheerfully; the packages have been widely used for about 4 years. The compound document modules are targetted at getting "Workbook" streams into and out of Excel .xls files as efficiently as possible, but are reasonably general-purpose. Unlike OleFileIO_PL, they don't provide access to the internals of Property streams.
http://pypi.python.org/pypi/xlrd
http://pypi.python.org/pypi/xlwt
If you decide to use them and need help, ask in this forum:
http://groups.google.com/group/python-excel