I personally always use
from package.subpackage.subsubpackage import module
and then access everything as
module.function
module.modulevar
etc. The reason is that at the same time you have short invocation, and you clearly define the module namespace of each routine, something that is very useful if you have to search for usage of a given module in your source.
Needless to say, do not use the import *, because it pollutes your namespace and it does not tell you where a given function comes from (from which module)
Of course, you can run in trouble if you have the same module name for two different modules in two different packages, like
from package1.subpackage import module
from package2.subpackage import module
in this case, of course you run into troubles, but then there's a strong hint that your package layout is flawed, and you have to rethink it.