I still have problems fathoming how Python managed to get such a big mindshare within the developer community with its icky syntax and forced use of whitespace. What makes it good? I have looked into the alternatives and they all seem to be better.
Let me answer your question, though. Why is it good? It's not good. I hate it. But that's the case with everything you have either used too little or too much. And I try to use Python for everything, which is always a bad idea. But I will continue to use it, because using Python I can express myself more clearly than with Java, C, PHP, Bash, or AWK. The reason might be that I simply know more about than about the other languages. But I get fast results, I can change them fast, I can deploy packages in it that you can use 1 second after I uploaded it, if I get a strange exception I just look into the source code of that project (source code packages yeah!) change it just on my system to what I was expecting, then think about patching my code or submitting a patch to that other project. I really love how I can put a 200 line Java program into a single line of Python and still have readable code, actually more readable than 200 lines of any language. And it's the only language I can still read if a Java programmer or a C programmer without much Python domain knowledge has written some code. It's also the only language where I can read the interpreter source code without much trouble, because they used Macros and functions to make it look a little like Python code, although it's C. Also I hear from people who code Ruby and Python that Python is the more stable of the two brothers, which I like. I'm not that much into experimenting.
So why do I use it? It makes me more productive because it matches my style of developing. Is it better than most other languages? Probably not, it has it's pros and cons. If your target project is in the middle between stable and experiment use Python. If your balance for optimization leans towards maintainability instead of execution speed use Python. If you love a few of the projects like Django and the community use Python. Otherwise you might be more happy with someone else.