Hi,
You may try Voyage Linux[1], release 0.6.0 is now built by Debian Live. ;-) http://linux.voyage.hk
I once came on the Voyage Linux homepage but didn't notice it was based on Debian Live ;)
Source code can be downloaded from subversion repository: http://voyage.hk:8080/repos/voyage/trunk/voyage-live
Thank you.
bz2 tarball size is 30MB, live CD image is 45MB.
I don't really have strong size limitation. It is quite difficult to find a CF card smaller than 1GB today ;) The default Debian kernel is definitely the biggest package but I don't really want to compile my own. Moreover, I need Python and Django which are not really lightweight.
Regards, Cyril