Yesterday, Jeff Knupp wrote an amazing how-to article called "Open Sourcing a Python Project the Right Way". While I was reading it, I was rather pleased by just how close it is to my own practices. Considering Jeff's amazing Writing Idiomatic Python, it meant I was on the right track.
The downside, of course, is implementation. Creating reusable Python packages has always been annoying. There are no defined/maintained best practices (especially for setup.py), so you end up cutting and pasting hacky, poorly understood, often legacy code from one project to the other. Some of it does nothing and some of it fails catastrophically on Python 3. There's a term for this sort of behavior, and it's called Cargo Cult programming.