Python can only import files from the current working directory, or from its path, I guess, but this means that if I'm working in a subdirectory on a certain project, I can't import stuff from a parent directory that I wrote to simplify things or provide shortcuts.
This is more for interactive work in IPython and the like, not developing code to be distributed to others. I guess another option is IPython's %run command, which would allow for importing stuff from parent directories, but it also runs anything not in a function, and the functions end up in the root namespace, which might be bad sometimes.
More generally, I guess I'm asking how your Python development folder(s) are organized.