http://dev.mysql.com/doc/refman/5.0/en/create-index.html
Prefix support and lengths of prefixes (where supported) are storage engine dependent. For example, a prefix can be up to 1000 bytes long for MyISAM tables, and 767 bytes for InnoDB tables.
http://dev.mysql.com/doc/refman/5.0/en/charset-unicode.html
utf8, a UTF-8 encoding of the Unicode character set using one to three bytes per character
You exceed the limitation when you CREATE INDEX.
Although sqlall tells you that none of your key is longer than the limit, you may exceed the limitation because you are using utf8 which uses 3 bytes per character.
One more possible reason is that you have used 'unique_together' in the Meta. This will require a longer index which may cause the issue.