What about VIM!
I understand you are an emacs fan. I would not dare restart this classic flame war :D
However, for some reason whenever I pictured a Python based editor... I always thought it would end up more like VIM. I am not sure of THE, because I have not used. But it sounds like EMacs is more key-binding oriented where THE is on a different page all together.... so, it does not sound to Pythonic.
Better yet, I would like to see an editor which is half python command line / half editor. Maybe a split screen like the ones from VIM. Somehow you can insert what you tried above into the code below.
Emacs is like THE not as an editor, but as an environment and infrastructure for building applications. VIM is just an editor; which maybe people like, but is entirely unlike THE, and quite unlike Emacs as well. In the case of Emacs, it's an environment where editing is at the center of every application -- the basic metaphor for interaction is editing. Which I think has a lot of good points (and maybe some bad points), and THE seems to share this same orientation.
THE happens to also be very key-oriented. I can't remember now if the mouse actually did anything at all (though maybe it would if it hadn't been at a fairly early stage of development). As far as Python... well, that's neither here nor there; I guess it's important since these editors are built for extensibility and the development language effects that, but I don't think they need to reflect the values, that would be putting the cart before the horse.