I'm running coverage (via django-jenkins, but that's irrelevant) and using the XML report with the cobertura plugin to generate reports. I have to say it's incredibly handy.
One niggle, though, is that the xml report treats the whole of a module as the source of a single "class" (so my coverage reports claim: "classes 1/1"). It looks from a very cursory glance that the parser is spotting the start of class definitions, but not necessarily their corresponding ends.
Does coverage.py currently gather enough information to (conceptually, at least) produce a class-by-class breakdown in the XML report? If not, what additional support in the parsing is going to be required to help make this work?