The script seems to only work on 2.37a (which comes bundled with Python 2.3)
The exporter outputs data according to the 1.3.1 specification of the collada schema. It features export of meshes, materials, uv, cameras and texture information. It also preserves the scene transforms and parenting through the scene element in the collada file.
This version 0.03 is still beta so there are some known logical bugs and other stuff to be corrected for next version.
I hope to get some feedback and input from the script. I learned python when I wrote this exporter so much can be improved.
Check the sourceforge project page for upcoming patches, releases and other information in the near future.