Here is the result that I found:

BusyBox v1.6.1 (2007-09-27 18:08:59 EEST) Built-in shell (ash)
Enter 'help' for a list of built-in commands.

~ $ canola -vv
1203386737.6358 DEBUG manager:156:get_class() looking for first class with filter 'MainController'
1203386737.6401 DEBUG manager:114:get_classes() looking for classes with filter 'MainController'
1203386738.0632 DBG_E plugin_manager:152:_load_plugins() [No module named efl_utils.animations] while loading plugin 'Main Controller', skipping it ...
Traceback (most recent call last):
File "/plugin_manager.py", line 149, in _load_plugins
File "/plugin_manager.py", line 92, in load
File "/module_loader.py", line 31, in load
File "plugins/canola-core/main/controller.py", line 37, in <module>
File "/window.py", line 19, in <module>
ImportError: No module named efl_utils.animations
Traceback (most recent call last):
File "/usr/bin/canola", line 220, in <module>
MainController = mger.get_class("MainController")
File "/manager.py", line 157, in get_class
File "/manager.py", line 123, in get_classes
ValueError: No plugin found with filter 'MainController'
SHUTDOWN
~ $

Application Manager shows the following Python modules installed:

python2.5-feedparser 4.1-1osso1
python2.5-pyinotify 0.7.1-1osso3
python2.5-runtime c1.0-2

I am running OS2008 on a N800 with two 8G SDHC cards.