There's a buzz in the air around code complexity, metrics, code coverage, etc. It started with Matt Harrison's PyCon presentation, then Ned Batchelder jumped in with a nice McCabe cyclomatic complexity computation/visualization tool, and now David Stanek posted about his pygenie tool -- which also measures the McCabe cyclomatic complexity of Python code. Now it's time to unify all these ideas in one powerful tool that computes not only complexity but also path or at least branch coverage. This would make a nice Google Summer of Code project. Too bad the deadline for 2008 GSoC applications is in 7 hours...Maybe for next year.
Update: David Goodger left a comment pointing me to Martin Blais's snakefood package, which computes and shows dependencies for your Python code. It's a good complement to the tools I mentioned above.