I've installed OpenStack Nova from the nova-2011.1.tar.gz file as following:

[root]# cd /data
[root]# tar -xzvf nova-2011.1.tar.gz
[root]# mv nova-2011.1 OpenStackNova
[root]# chown -R root:root /data/OpenStackNova
[root]# mkdir /data/OpenStackNova/{instances,networks}
[root]# mkdir /var/log/nova
[root]# cd /data/OpenStackNova/CA
[root]# ./genrootca.sh
[root]# mysql -uroot -pxxxx
     mysql> create database nova;
     mysql> grant all privileges on *.* to 'root'@'%' with grant option;
     mysql> set password for 'root'@'%' = password('xxxx');
     mysql> quit;

[root]# cat /data/OpenStackNova/bin/nova.conf
--verbose
--nodeamon
--cc_host=172.31.70.21
--routing_source_ip=172.31.70.21
--auth_driver=nova.auth.dbdriver.DbDriver
--sql_connection=mysql://root:xxxx@localhost/nova
--libvirt_type=qemu
--network_manager=nova.network.manager.VlanManager
--logdir=/var/log/nova

[root]# cd /data/OpenStackNova/bin/
[root]# ./nova-manage db sync
No handlers could be found for logger "nova.root"
[root]# ./nova-manage user admin admin
No handlers could be found for logger "nova.root"
[root]# ./nova-manage project create admin admin
No handlers could be found for logger "nova.root"

[root]# mysqlshow -t -u root -prootard nova
Database: nova
+--------+------------+
| Tables | table_type |
+--------+------------+
+--------+------------+

With all parameters of the nova.conf file given on the nova-manage 
command line, there is no difference and nothing is written in the Nova 
database.
There is no log files in the /var/log/nova directory.
I've tried with SLQlite and the problem is identical.

[root]# rpm -qa | grep ^python | sort
python-2.7-8.fc14.1.x86_64
python-amqplib-0.6.1-2.fc14.noarch
python-anyjson-0.2.4-2.fc14.noarch
python-boto-1.9b-5.fc14.noarch
python-bugzilla-0.6.1-3.fc14.noarch
python-carrot-0.10.7-2.fc14.noarch
python-crypto-2.3-2.fc14.1.x86_64
python-daemon-1.5.2-2.fc14.noarch
python-decorator-3.2.1-1.fc14.noarch
python-devel-2.7-8.fc14.1.x86_64
python-ethtool-0.6-1.fc14.x86_64
python-eventlet-0.9.12-1.fc14.noarch
python-fpconst-0.7.3-7.fc14.noarch
python-gflags-1.4-2.fc14.noarch
python-GnuPGInterface-0.3.2-7.fc14.noarch
python-greenlet-0.3.1-3.fc14.x86_64
python-iniparse-0.4-2.fc14.noarch
python-IPy-0.70-2.fc14.noarch
python-iwlib-0.1-3.fc14.x86_64
python-ldap-2.3.10-2.fc14.x86_64
python-libs-2.7-8.fc14.1.x86_64
python-lockfile-0.8-1.fc14.noarch
python-meh-0.10-2.fc14.noarch
python-mox-0.5.3-2.fc14.noarch
python-netaddr-0.7.5-1.fc14.noarch
python-paramiko-1.7.6-3.fc14.noarch
python-paste-1.7.4-7.fc14.noarch
python-pycurl-7.19.0-7.fc14.x86_64
python-routes-1.12.1-2.fc14.noarch
python-setuptools-0.6.14-3.fc14.noarch
python-simplejson-2.1.3-1.fc14.x86_64
python-slip-0.2.13-1.fc14.noarch
python-slip-dbus-0.2.13-1.fc14.noarch
python-slip-gtk-0.2.13-1.fc14.noarch
python-sqlalchemy-0.6.6-1.fc14.x86_64
python-telepathy-0.15.18-1.fc14.noarch
python-tempita-0.4-5.fc14.noarch
python-twisted-10.1.0-3.fc14.noarch
python-twisted-conch-10.1.0-1.fc14.x86_64
python-twisted-core-10.1.0-3.fc14.x86_64
python-twisted-lore-10.1.0-1.fc14.x86_64
python-twisted-mail-10.1.0-1.fc14.x86_64
python-twisted-names-10.1.0-1.fc14.x86_64
python-twisted-news-10.1.0-1.fc14.x86_64
python-twisted-runner-10.1.0-2.fc14.x86_64
python-twisted-web-10.1.0-1.fc14.x86_64
python-twisted-words-10.1.0-2.fc14.x86_64
python-urlgrabber-3.9.1-7.fc14.noarch
python-virtinst-0.500.4-1.fc14.noarch
python-virtkey-0.50-8.fc14.x86_64
python-xlib-0.15-0.3.rc1.fc14.noarch
python-zope-interface-3.6.1-7.fc14.x86_64

[root]# rpm -qa | grep ^libvirt | sort
libvirt-0.8.3-2.fc14.x86_64
libvirt-client-0.8.3-2.fc14.x86_64
libvirt-python-0.8.3-2.fc14.x86_64

[root]# rpm -qa | grep -i ^mysql | sort
mysql-5.1.52-1.fc14.x86_64
mysql-libs-5.1.52-1.fc14.x86_64
MySQL-python-1.2.3-1.fc14.x86_64
mysql-server-5.1.52-1.fc14.x86_64