Peter Hunt is working on an interesting project called Subway
From the homepage it is:
"The Subway project aims to create a Web development stack for Python similar to Ruby on Rails, utilizing as many pre-written software components as possible."
Two of the software components are Cheetah and SQLObject, favorites of mine. It is currently pre-alpha, but after checking out from the Subversion trunk and having a play, it looks like something worth keeping track of.