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Folks, I've had a similar problem. Downloaded the Sage.app, tried launching it, then (as suggested here) tried launching from the command line. Here are the results:

209 $ /Applications/Sage-4.7.1-OSX-64bit-10.6.app/Contents/Resources/sage/sage
----------------------------------------------------------------------
| Sage Version 4.7.1, Release Date: 2011-08-11                       |
| Type notebook() for the GUI, and license() for information.        |
----------------------------------------------------------------------
Traceback (most recent call last):
  File "/Volumes/sage-4.7.1-OSX-64bit-10.6-x86_64-Darwin/Sage-4.7.1-OSX-64bit-10.6.app/Contents/Resources/sage//local/bin/sage-ipython", line 18, in <module>
    import IPython
ImportError: No module named IPython
210 $

iPython is installed in my normal Python world.