As far as I can read the code (I am sure that Sam will refactor the code ones he is happy with the functionality, so it is easier to read/maintain/extend for mere mortals  ), this is aimed to be a full implementation of the reference c++ bitcoin implementation.

So in other words, where you used to run the bitcoin client downloaded from bitcoin.org, you can alternatively use his python one instead.

Good to see I am not the only one working on a Python implementation, a little bit of competition is a good thing :-)

Cheers Sam, good work!