We tested it at Justin.tv and managed to cause the main process (gearmand) to spin at 100%, stop accepting connections, and lots of other things. Not quite ready for production use, especially if you need persistence and use the memcached plugin.
Also, the python client library is in pretty rough form. Our developers submitted a patch or two, but it still doesn't reliably handle errors, network outages, failover, or reconnects. You probably want all of these things in your job server of choice.