This assumes you have a proper Framework'd Python installation.
brew install python --framework
Install Qt v4.7.1
I've patched the Qt v4.7.1 installation process to remove libpng dependencies. Use this:
brew install https://gist.github.com/raw/519418/qt.rb --universal
If you are installing into a virtualenv, activate it now.
Build SIP for x86_64 and i386
curl -O http://www.riverbankcomputing.com/static/Downloads/sip4/sip-4.12.1.tar.gz
tar -xzvf sip-4.12.1.tar.gz && cd sip-4.12.1
python configure.py --arch=x86_64 --arch=i386
make -j
make install
Build PyQT4
curl -O http://www.riverbankcomputing.com/static/Downloads/PyQt4/PyQt-mac-gpl-4.8.3.tar.gz
tar -xzvf PyQt-mac-gpl-4.8.3.tar.gz && cd PyQt-mac-gpl-4.8.3
python configure.py -q /usr/local/Trolltech/Qt-4.7.1/bin/qmake
make -j
make install
Install Module Dependencies pip install modulegraph macholib py2app
no problem ; )