I love, love, love me some Python - it fits the way I think better than any other language I've used - but there is one consideration that occurs to me: Python is nearly ubiquitous on Linux/Mac, and easy to download and install on Windows - but most bargain-basement Web hosts don't support it (I'm looking at YOU, GoDaddy.)
If you're using a premium hosting company ("premium" doesn't necessarily mean "extremely expensive", but you do need to compare hosting plans), or if you plan on hosting your site yourself, then I would absolutely recommend Python (with or without Django or what-have-you) for Web development... but if you plan on using GoDaddy, stick with PHP.
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