In order to reduce the chance of effecting/hosing the system install of python, I typically install virtualenv on the ubuntu python install. I then create a virtualenv in my home directory so that subsequent packages I install via pip or easy_install do not effect the system installation. And I add the bin from that virtualenv to my path via .bashrc
$ sudo apt-get install python-virtualenv
$ virtualenv --no-site-packages ~/local
$ PATH=~/local/bin:$PATH #<----- add this to .bashrc to make it permanent
$ easy_install virtualenv #<--- so that project environments are based off your local environment rather than the system, probably not necessary
Install your favorite editor, I like emacs + rope, but editors are a personal preference and there are plenty of choices.
When I start a new project/idea I create a new virtual environment for that project, so that I don't effect dependencies anywhere else. Since I would hate for some of my projects to break due to an upgrade of a library both that project and the new one depends on.
~/projects $ virtualenv --no-site-packages my_new_project.env
~/projects/my_new_project.env $ source bin/activate
(my_new_project.env)~/projects/my_new_project.env $ easy_install paste ipython #whatever else I think I need
(my_new_project.env)~/projects/my_new_project.env $ emacs ./ & # start hacking
When creating a new package...in order to have something that will be easy_installable/pippable use paster create
(my_new_project.env)~/projects/my_new_project.env$ paster create new_package
(my_new_project.env)~/projects/my_new_project.env/new_package$ python setup.py develop new_package
That's the common stuff as far as I can think of it. Everything else would be editor/version control tool specific