Python has a standard logging module modeled after Log4j (http://logging.apache.org/log4j) - the standard logging system for Java. Here we gather additional information about logging in Python in general that is missing from the docs.
LoggingPackage page contains discussions about logging module features.
There seems to be another log4j port to Python http://sourceforge.net/projects/log4py/ (not sure how far it is from standard package - anybody want to explore and post results here?)