Hi Grennadiy, thanks for your help so far.
I might just switch to the no libraries solution and wait for 1.34 binaries to be built, since I don't have time on my schedule to dig deeper into the boost build. 
 
Correct me if I'm wrong - if I chose to use the synchronous exceptions version of the libraries now on Boost Consulting website, the core libraries ought to work fine, it is just that I ought to expect runtime exceptions to terminate the execution of any code I write using it.  Ie please confirm that there's no reason to think that boost-test, etc might not function with this exception model.
 
Just on the no-libraries solution.  I can't find anything documented about any special compiler settings to get it to work with vc80.
When I set /EHsc, the popped up exception occurs.  When I set /EHa, the program _appears_ to finish fine, but on closer inspection of the console output, I discover the access violation message is there in the console.  But I guess this is not what I should get with my no-libraries test.  What am I doing wrong here?
--
OUTPUT:
$ ./Boost_test_1_withoutSeparateLibrary.exe
Running 1 test case...
d:/john/syncfolder/projects/programming/c++/vc++/projects/boost_test_1/boost_test_1/getstarted.cpp(13): error in "free_te
st_function": check 3 == 1 failed
unknown location(0): fatal error in "free_test_function": memory access violation
 
*** 1 failure detected (1 failure expected) in test suite "Unit test example 1"
---

#include <boost/test/included/unit_test_framework.hpp>

using boost::unit_test::test_suite;

void free_test_function(){

BOOST_CHECK(3 == 1);

int* p = (int*)0;

*p = 0;}

test_suite* init_unit_test_suite( int, char* [] ) {

test_suite* test= BOOST_TEST_SUITE( "Unit test example 1" );

test->add( BOOST_TEST_CASE( &free_test_function ), 1 /* expected one error */ );

return test;}