http://googleappengine.blogspot.com/2010/06/app-engine-sdk-135-released-with-new.html
"""
in this release we’ve also added support for precompilation of Python
source files to match the same feature we launched for Java last year.
For Python, you can now use precompilation to speed up application
loading time and to reduce CPU usage for new app instances. You can
enable precompilation by including the following lines in your
app.yaml file:
derived_file_type:
- python_precompiled

This will start offline precompilation of Python modules used by your
app when you deploy your application. Currently precompliation is off
by default for Python applications, but it will be enabled by default
in some future release. (Java precompilation has been enabled by
default since the release of 1.3.1.)

To give you a taste of what this feature is like, we tested this on a
modified version of Rietveld (which included a copy of Django 1.0.4 in
the app directory, and which did not use the datastore in its base
url). The latency and CPU usage results for the initial load of the
application, after uploading a new version of the app and requesting
the homepage, were:
Before precompilation enabled:
Test 1: 1450ms 1757cpu_ms
Test 2: 1298ms 1523cpu_ms
Test 3: 1539ms 1841cpu_ms
After precompilation enabled:
Test 1: 805ms 669cpu_ms
Test 2: 861ms 702cpu_ms
Test 3: 921ms 803cpu_ms
"""


anyone tested this with web2py?

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