Python is my absolute favorite language - the holy grail language I've been looking for all these years.
I'm a 'language collector' who's tried dozens of languages from Basic to assembly to C to C++ to Perl to PHP to Java to Scheme, and whenever I need to get something done, I end up doing it in Python because it's just so damn easy and fast to do it there.
It particularly excels at the tasks where you would use Perl for - not as succint but far far more readable and maintainable as well as offering at least as much power as Perl if not moreso.
Vis-a-vis PHP, there are Python HTML-embedded solutions (I found Spyce -
http://spyce.sf.net the best and most PHP-like) which by dint of the languages's superior syntax would be much preferable over PHP except for the fact that few third-party hosting solutions offer it.
Python's DB-API has excellent support for RDBMS backends and definitely on par with PHP and Perl in this aspect.
One Python weakness is that it's not that good yet for doing GUI and graphics apps. I'm still not satisfied with the wxPython, PyGtk, Tkinter GUI frameworks. Pygame (
www.pygame.org) absolutely rocks for 2d game development but OpenGL support is still at 1.2 - perfect for learning OpenGL but not for taking advantage of the latest features.
Python just makes everything so easy that once you try out a very high level language like it, you will just find it ridiculous to go back to C or C++.
The following page talks about what Python has to offer:
http://www.netasia.net/users/troll/Scripting1.htm