I am thinking about it too. Concerning Pagerank, the 301 redirection it is important for web2py domains.
Google see http://web2py.com and http://www.web2py.com as different domains. Maybe, that's the reason of recent decrease of web2py.com's pagerank from 6 to 4. Helpful links about this: Preferred domain (www or non-www) http://www.google.com/support/webmasters/bin/answer.py?hl=en&answer=44231&from=44232&rd=1 301 redirects http://www.google.com/support/webmasters/bin/answer.py?hl=en&answer=93633
