Update:
I have been corresponding with ESRI support. They said:
"...I also suspect the 9.2 script tool is not liking the value table for some yet unknown reason. I couldn't find any bugs reported for this, so at least there is hope for us..."
gp.Append_management(vt, outfc, "NO_TEST", fieldmappings)
this worked in pythonwin using a valid argument but as a script in arctoolbox92 I got this error:
"Inputs must be either all FeatureClasses, Tables or Rasters; not mixed
Failed to execute (Append)."
Based on this error I found a solution (for 92 and python24). I removed any reference to value tables, while keeping fieldmappings and fieldmap and I just used my input featureclass for the Append so:
gp.Append_management(fc, outfc, "NO_TEST", fieldmappings) # this works
gp.Append_management(vt, outfc, "NO_TEST", fieldmappings) # see error above
I hope it helps others!