Python is considered (among Python programmers :) to be a great language for rapid prototyping. There's not a lot of extraneous syntax getting in the way of your thought processes, so most of the work you do tends to go into the code. (There's far less idioms required to be involved in writing good Python code than in writing good C++.)
Given this, most Python (CPython) programmers ascribe to the "premature optimization is the root of all evil" philosophy. By writing high-level (and significantly slower) Python code, one can optimize the bottlenecks out using C/C++ bindings when your application is nearing completion. At this point it becomes more clear what your processor-intensive algorithms are through proper profiling. This way, you write most of the code in a very readable and maintainable manner while allowing for speedups down the road. You'll see several Python library modules written in C for this very reason.
Most graphics libraries in Python (i.e. wxPython) are just Python wrappers around C++ libraries anyway, so you're pretty much writing to a C++ backend.
To address your IDE question, SPE (Stani's Python Editor) is a good IDE that I've used and Eclipse with PyDev gets the job done as well. Both are OSS, so they're free to try!
[Edit] @Marcin: Have you had experience writing > 30k LOC in Python? It's also funny that you should mention Google's scalability concerns, since they're Python's biggest supporters! Also a small organization called NASA also uses Python frequently ;) see "One coder and 17,000 Lines of Code Later".