Python for S60 gives you the power and productivity of the Python programming language to the S60 platform. Its tools permit rapid application development, and the ability to create stand-alone S60 applications written in Python. The device installation package includes the Python interpreter, select Python Standard Libraries, a script shell for launching Python scripts, many native extensions, and a Python Console for interactive development. Python for S60 can also be added to S60 SDK's for PC-based development, testing, and creating application installers. Basically we get a lot of new goodies with the new release and a few drawbacks.
Newest version - Pys60 1.9.4 - Here are thee improvements:

* A single Nokia signed runtime package which can be installed on all S60 3rd ED and above devices is available.(size with dependencies=2.8MB, actual size if runtime ~1MB)
* Improved Application Packager: The PyS60 application packager now scans the Python application being packaged and picks up the missing Python modules on which the application is dependent and packages them along with the application files.
* Easier runtime deployment: Python runtime and its dependent components can be installed by just running any Python application packaged using 1.9.4 application packager. (Only available from S60 3rd edition FP2 devices onwards with latest firmware).
* Two new APIs added to the socket module - access_points() and set_default_access_point() which have similar functionality to the APIs present in btsocket module.
* Two new APIs added to e32 module - get_capabilities() and has_capabilities(). The former can be used to get the capabilities, the application has been signed with, and the latter to check if a given list of capabilities is granted to the application or not.
* New mode to appuifw.app.screen - 'full_max' which can be used to achieve fullscreen on devices that don't have Left Soft Key and Right Soft Key(e.g.: Nokia 5800).
Pros:
PyS60 1.9.3 - updated to Python core 2.5.4, one of the dot releases in the 1.9.x series has been announced less than an hour ago!
Here is the list of improvements and what a list!
* Good news, the newer version now supports touch interfaces on the appuifw Canvas. An API has been added to the existing appuifw and the function - touch_enabled() is used for checking if the device supports touch input.
* Also a sample application - scribble - is provided with the installation.
* New module - sciptext makes PyS60 more poweful enabling/extending use of services like Application Manager, Calendar, Contacts, Landmarks, Location, Logging, Messaging, Media Management, Sensors and Sys Info.
* Easier installation - now only one file needs to be installed - PyS60 Script Shell (available from S60 3rd FP2 onwards).This should support all ensymble packaged applications in future releases.
* Enabled SSL support for socket.

* Better error handling. If the application raises an exception on start-up it doesn't just terminate silently but prints the traceback on the screen.
Cons:
* Much longer installation and start-up time. Really, you'll notice the difference. But like the thread says, this will be fixed.
* No support for S60 2nd Edition. Sadly, this part of the S60 family will no longer be supported now or in the future, because there are dependencies on OpenC libraries, which aren't available for 2nd Edition.
Notes:
* This release works on S60 5th Edition like the previous ones did, but it doesn't explicitly have any special features for it (like support for touch events).
* In a strange yet understandable way, the runtime isn't signed by Nokia with all capabilities like before. We only get the user-grantable set this time.
* Apparently PyS60 has moved from sourceforge and has a new home: https://garage.maemo.org/projects/pys60/
* The documentation no longer comes as a pdf file (at least this time it didn't) but as a much more comprehensive collection of HTML documents. I think this is better in pretty much every aspect.