You can try this version. chmod +x it and run. It's using the same rotation method as the Python script (which, IMHO, isn't good but oh well) but gets its accel. values from the signals broadcast by MCE instead of constantly polling.

It has two ways it gets the current orientation: It either uses the value given to it by MCE telling it explicitly what orientation the phone is in or it determines the orientation from the axis, like how the Python script does it.
Run dbus-monitor --system "interface=com.nokia.mce.signal, member=sig_device_orientation_ind" while running rotate_app and you'll probably get what I mean.
By default, the value given to it by MCE is used to determine the current orientation. If you find the method too shitty and prefer how the Python script does it, start rotate_app thus: "rotate_app true".

Source: http://www.freemoe.org/users/qwerty12/rotate.tar.gz