On my machine, the following example will consume memory until the heat-death
of the universe (or the termination of the process, which ever comes first):

>>> from PySide import QtGui, QtCore
>>> app = QtGui.QApplication([])                                                                                                                           
>>> timer = QtCore.QTimer()
>>> def fn():
...   timer.singleShot(1, fn)
...                                                                             
>>> fn()
>>> app.exec_()

The objects being leaked are dicts looking like:
  {'timeout': QtCore.QSignal(...)}