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PyPy is a fast, compliant alternative implementation of the Python language (2.7.3 and 3.2.3). It has several advantages and distinct features:

Speed: thanks to its Just-in-Time compiler, Python programs often run faster on PyPy. (What is a JIT compiler?)

Memory usage: large, memory-hungry Python programs might end up taking less space than they do in CPython.

Compatibility: PyPy is highly compatible with existing python code. It supports ctypes and can run popular python libraries like twisted and django.

Sandboxing: PyPy provides the ability to run untrusted code in a fully secure way.

Stackless: PyPy comes by default with support for stackless mode, providing micro-threads for massive concurrency.
As well as other features.