Since I had to whip up a quick UI prototype and maintain my sanity by parsing some poorly-delimited data files, I set up Python 2.5 in Vista, and it worked pretty much as expected so far.
One caveat, though: the only way I could get pywin32 to install correctly was by using "Run as administrator...". Which actually made sense, since it set up a couple of COM objects, and COM objects (as anyone who shared my pain of doing C++ coding in Windows years ago would know) are the spawn of $ANTI_DIVINITY.
I must admit, though, that I was tempted to check out Visual Studio Express again right up to the point where I realized a full installation would take up nearly 1Gig.
Maybe next year.