What's New in Python 2.7 (docs.python.org)

There's a lot I'm excited about in this release. Many convenience methods and classes have been backported from py3k and some really useful new modules, too (argparse stands out). There are also a few notable bug fixes and enhancements to existing modules ("maxtasksperchild" in multiprocessing Pools is awesome!)

Here's an earlier thread on the topic: http://news.ycombinator.com/item?id=1485947