I've done quiet a bit of research on this topic(a couple of weeks worth) before settling down on using buildout for all of my projects.
DistUtils and EasyInstall in addition to Buildout!
The difficulty in creating one place to compare all of these tools is that they're all part of a same tool chain and are used together to create a predictable, reliable and flexible tool set.
For example, easy_install is used to install distutils packages from pypi(cheeseshop) to your system Python's site-packages directory. This drastically simplifies installation of packages to your system/global sys.path.
easy_install is very convenient for packages that are consistent for all projects. But, I find that I prefer to use system's easy_install to install packages that projects do not depend on. For example, github-cli I use with every project, because it allows me to interact with project's Github Issues from command line. I use this with projects, but it's for convenience and the project itself does not have dependancy on this package.
For managing project's dependancies, I use buildout. Buildout allows you to indicate specifically what version of packages your project depends on. I prefer buildout over pip-requirements.txt because buildout is declarative. With pip, you install the packages and at the end of the development you generate the requirements.txt file. With Buildout on the other hand, you modify the buildout.cfg before the package egg is added to your project. This forces me to be conscious of what packages I'm adding to the project.
Now, there is a matter of virtualenv. One of the most publicized features of virtualenv is obviously --no-site-packages option. I have not found that option to be particularly useful, because I use buildout. Buildout manages the sys.path and includes only the packages I ask tell it to include. It also, includes everything in system Python's site-packages but since I don't have anything there that I use in projects, I never have conflicts.
Also, I find that --no-site-packages only hinders my development process, because some packages I install using my sistem's packaging system. Usually, anything that has C libraries that need to be compiled, I install through the system's packaging system.
In the project's fabfile.py I include test function to test for presence of system packages that I install through system's package manager.
In summary, here is how I use these tools:
System's Package Manager(apt-get, yam, port, fink ...)
I use one of these to install python versions that I need on this system. I also use it to install packages like lxml which include c libraries.
easy_install
I use to install packages from pypi that I use on all projects, but projects are not dependant on these packages.
buildout
I use to manage dependancies of a project.
In my experience, this workflow has been very flexible, portable and easy to work with.