I have a couple links in the original post to a PEP (which has lost momentum for the moment), and an older discussion where I suggested the module has a place in the core as well.
The PEP summarizes some issues. I can't say I agree with some of the conclusions people had in the thread that followed (e.g., that path shouldn't subclass string, __div__ shouldn't be provided, and some of the other stuff).
I think the next step, though, is to get some more people using the module. People shouldn't (and don't have to) theorize about what's a good API. An API exists (two, actually -- the other is linked from the PEP), and people should use them and see what they think, THEN comment. That's process is appropriate for adoption in the standard library as well.