I am encountering the same errors others have:

configure:16482: checking for main in -lbz2
configure:16501: g++ -o conftest.exe -Wall -Wextra  -ftemplate-depth-150 -Wno-deprecated -Wno-unknown-pragmas -O3 -fvisibility=default -fvisibility-inlines-hidden -Wno-unknown-pragmas   conftest.cpp -lbz2  -lm  >&5
c:/mingw/bin/../lib/gcc/mingw32/4.7.2/../../../../mingw32/bin/ld.exe: cannot find -lbz2

configure:16522: checking for main in -lexpat
configure:16541: g++ -o conftest.exe -Wall -Wextra  -ftemplate-depth-150 -Wno-deprecated -Wno-unknown-pragmas -O3 -fvisibility=default -fvisibility-inlines-hidden -Wno-unknown-pragmas   conftest.cpp -lexpat  -lm  >&5
c:/mingw/bin/../lib/gcc/mingw32/4.7.2/../../../../mingw32/bin/ld.exe: cannot find -lexpat

And finally:

configure:17109: checking consistency of all components of python development environment
configure:17135: gcc -o conftest.exe -g -O2  -Ic:\Python2.7\include  conftest.c -lm  -Lc:\Python2.7\Lib\config -lpython27 None  >&5
gcc.exe: error: None: No such file or directory

Which leads to the error:

configure:17152: result: no
configure:17156: error: in `/c/graph-tool-2.2.23':
configure:17158: error:
  Could not link test program to Python. Maybe the main Python library has been
  installed in some non-standard library path. If so, pass it to configure,
  via the LDFLAGS environment variable.
  Example: ./configure LDFLAGS="-L/usr/non-standard-path/python/lib"
  ============================================================================
   ERROR!
   You probably have to install the development version of the Python package
   for your distribution.  The exact name of this package varies among them.
  ============================================================================

See `config.log' for more details

I am using the mingw32 compiler.  

I'd love to help if anyone has any suggestions but I have to admit that after three days of fighting this, I am stuck and out of ideas.

I do have bzip2 installed - and made copies of both the bzip2.exe and bzip2.dll renaiming them bz2.exe and bz2.dll
expat installed.
All paths double-checked

If anyone else gets graph-tool working on Windows, I'd love  to know how, and if there's anything I can do to help, let me know.

Brian