I just started researching this myself and it looks like the Python-equivalent of Capistrano is Fabric, although maybe not as mature. There seem to be a growing number of people wanting to switch over simply because Capistrano is too ruby/rails centric, although I haven't seen anyone complain about Capistrano being incapable or lacking. YMMV. More info here and here.
EDIT: Looks like Fabric is undergoing a lot of changes. They're moving their homepage to http://docs.fabfile.org/