It looks like a number of people have done something similar so though I would mention my attempt - pgwrap [1][2]. This is also a thin wrapper over psycopg2. This provides the following -

    * Simplified handling of connections/cursor
        * Connection pool (provided by psycopg2.pool)
        * Cursor context handler 
    * Python API to wrap basic SQL functionality 
        * Simple select,update,delete,join methods extending the cursor 
          context handler (also available as stand-alone methods which
          create an implicit cursor for simple queries)
    * Query results as dict (using psycopg2.extras.DictCursor or any other PG Cursor factory)
    * Callable prepared statements
    * Logging support

Essentially you can do stuff like:

  >>> import pgwrap
  >>> db = pgwrap.connection(url='postgres://localhost')
  >>> with db.cursor() as c:
  ...     c.query('select version()')
  [['PostgreSQL...']]
  >>> v = db.query_one('select version()')
  >>> v
  ['PostgreSQL...']
  >>> v.items()
  [('version', 'PostgreSQL...')]
  >>> v['version']
  'PostgreSQL...'

  >>> db.create_table('t1','id serial,name text,count int')
  >>> db.create_table('t2','id serial,t1_id int,value text')
  >>> db.log = sys.stdout
  >>> db.insert('t1',{'name':'abc','count':0},returning='id,name')
  INSERT INTO t1 (name) VALUES ('abc') RETURNING id,name
  [1, 'abc']
  >>> db.insert('t2',{'t1_id':1,'value':'t2'})
  INSERT INTO t2 (t1_id,value) VALUES (1,'t2')
  1
  >>> db.select('t1')
  SELECT * FROM t1
  [[1, 'abc', 0]]
  >>> db.select_one('t1',where={'name':'abc'},columns=('name','count'))
  SELECT name, count FROM t1 WHERE name = 'abc'
  ['abc', 0]
  >>> db.join(('t1','t2'),columns=('t1.id','t2.value'))
  SELECT t1.id, t2.value FROM t1 JOIN t2 ON t1.id = t2.t1_id
  [[1, 't2']]
  >>> db.insert('t1',{'name':'abc'},returning='id')
  INSERT INTO t1 (name) VALUES ('abc') RETURNING id
  [2]
  >>> db.update('t1',{'name':'xyz'},where={'name':'abc'})
  UPDATE t1 SET name = 'xyz' WHERE name = 'abc'
  2
  >>> db.update('t1',{'count__func':'count + 1'},where=   {'count__lt':10},returning="id,count")
  UPDATE t1 SET count = count + 1 WHERE count < 10 RETURNING id,count
  [[1, 1]]

Also it allows you to create callable prepared statements (which I find really useful in structuring apps):

  >>> update_t1_name = db.prepare('UPDATE t1 SET name = $2 WHERE id = $1')
  PREPARE stmt_001 AS UPDATE t1 SET name = $2 WHERE id = $1
  >>> update_t1_name(1,'xxx')
  EXECUTE _pstmt_001 (1,'xxx')

[1] https://github.com/paulchakravarti/pgwrap [2] https://pypi.python.org/pypi/pgwrap