I hope very much that the freed up cycles will be used to improve Python's packaging/distribution mechanism, which I think is the weakest link in the chain of using Python.
Try installing any major piece of python software (and no, easy_install does not always work, or work properly) and you're in for a world of grief.
$ easy_install «package name»
The pypi web interface is very poor.
There is lots of scope for improvement in locating and installing packages.
(though I agree it is as intuitive, at it's most basic, as ruby gems)
$ gem update && gem cleanup
A lot of headache I don't have to deal with at all. I really wish Python would grow an equivalent tool.