Third times the charm. My guess is that this is a bug and Zhenya's answer suggests it's fixed in the latest version. I have version 0.99.1.1 and I've created the following solution:
import matplotlib.pyplot as plt
import numpy as np
def forceAspect(ax,aspect=1):
im = ax.get_images()
extent = im[0].get_extent()
ax.set_aspect(abs((extent[1]-extent[0])/(extent[3]-extent[2]))/aspect)
data = np.random.rand(10,20)
fig = plt.figure()
ax = fig.add_subplot(111)
ax.imshow(data)
ax.set_xlabel('xlabel')
ax.set_aspect(2)
fig.savefig('equal.png')
ax.set_aspect('auto')
fig.savefig('auto.png')
forceAspect(ax,aspect=1)
fig.savefig('force.png')
This is 'force.png':

Below are my unsuccessful, yet hopefully informative attempts.
Second Answer:
My 'original answer' below is overkill, as it does something similar to axes.set_aspect(). I think you want to use axes.set_aspect('auto'). I don't understand why this is the case, but it produces a square image plot for me, for example this script:
import matplotlib.pyplot as plt
import numpy as np
data = np.random.rand(10,20)
fig = plt.figure()
ax = fig.add_subplot(111)
ax.imshow(data)
ax.set_aspect('equal')
fig.savefig('equal.png')
ax.set_aspect('auto')
fig.savefig('auto.png')
Produces an image plot with 'equal' aspect ratio:
and one with 'auto' aspect ratio:

The code provided below in the 'original answer' provides a starting off point for an explicitly controlled aspect ratio, but it seems to be ignored once an imshow is called.
Original Answer:
Here's an example of a routine that will adjust the subplot parameters so that you get the desired aspect ratio:
import matplotlib.pyplot as plt
def adjustFigAspect(fig,aspect=1):
'''
Adjust the subplot parameters so that the figure has the correct
aspect ratio.
'''
xsize,ysize = fig.get_size_inches()
minsize = min(xsize,ysize)
xlim = .4*minsize/xsize
ylim = .4*minsize/ysize
if aspect < 1:
xlim *= aspect
else:
ylim /= aspect
fig.subplots_adjust(left=.5-xlim,
right=.5+xlim,
bottom=.5-ylim,
top=.5+ylim)
fig = plt.figure()
adjustFigAspect(fig,aspect=.5)
ax = fig.add_subplot(111)
ax.plot(range(10),range(10))
fig.savefig('axAspect.png')
This produces a figure like so:

I can imagine if your having multiple subplots within the figure, you would want to include the number of y and x subplots as keyword parameters (defaulting to 1 each) to the routine provided. Then using those numbers and the hspace and wspace keywords, you can make all the subplots have the correct aspect ratio.
ax.axis('equal'), by chance? As everyone's said, what you did should work, butax.axismight be another route to try for a workaround. - Joe Kington