I hear that Java's standard library is larger than Python's so I'm curious, what's missing in Python's?
Python also comes With Batteries Included... The only place where I've felt Python lacking is a good GUI toolkit (no, TK doesn't compare to Swing xD).
Python lacks a robust XML implementation (with full XSLT and XPATH support). The Python stdlib has a few decent implementations for working with XML (DOM parser, SAX parser, and a tree builder called ElementTree), but more advanced XML requires a third party library. I've used 4XSLT and now defer to LXML when I need to do some real XML work in Python.
The one flaw in Python imho is that Python lacks one real canonical method of deployment. (Yes there are good ones out there, but nothing that's really rock solid).
Which can hamper its adoption in some Enterprise environments.
Java provides a lot of varied implementations of interfaces for the basic types. Java has an ArrayList and single-linked-list and double-linked list, whereas Python just has a list. Java includes multiple Map implementations such as TreeMap or LinkedHashMap, whereas Python generally sticks to the single dict implementation. An ordered dictionary was proposed is now part of Python 3.1, but in general, Java has a richer set of collections and base classes.
In defense of Python, however, the need for more rigorously defined base classes and interfaces is much less necessary with the dynamically-typed approach (where interfaces are often accepted implicitly).