I had the same problem you did - didn't find much that worked. The following code, however, works like a charm.
import win32com.client
outlook = win32com.client.Dispatch("Outlook.Application").GetNamespace("MAPI")
inbox = outlook.GetDefaultFolder(6) # "6" refers to the index of a folder - in this case,
# the inbox. You can change that number to reference
# any other folder
messages = inbox.Items
message = messages.GetLast()
body_content = message.body
print body_content