Automatic Python API documentation generation tools:
PyDoc, http://web.pydoc.org/ne documentation browser (in HTML) and/or an off-line reference manual (in $\mbox{\LaTeX}$ ) fro
DocUtils, http://docutils.sourceforge.net/ ReStructuredText processing engine
PythonDoc - uses StructuredText input format (not reST), and can produce HTML and XML output. It uses XML as an intermediate representation, to simplify the addition of new output formats. http://starship.python.net/crew/danilo/pythondoc/
Another PythonDoc - uses JavaDoc-style comments. http://effbot.org/zone/pythondoc.htm
["Crystal"] - produces output that is similar to JavaDoc.
EasyDoc - uses an HTML-like markup language, similar to the language used by JavaDoc; and produces HTML output (http://htmltmpl.sourceforge.net/easydoc.html)
["Teud"], TeudProject
Doxygen < http://www.doxygen.org > can create documentation in various formats (HTML, LaTeX, PDF, ...) and you can include formulas in your documentation (great for technical/mathematical software). Together with Graphviz < http://www.research.att.com/sw/tools/graphviz/ > it can create diagrams of your code (inhertance diagram, call graph, ...). Another benefit is that it handles not only Python, but also several other programming languages like C, C++, Java, etc.
Other projects that can be used to produce API documentation:
[http://www.livinglogic.de/Python/xist/index.html XIST] - an XML based extensible HTML generator written in Python.
[http://starship.python.net/crew/friedrich/HTMLgen/html/main.html HtmlGen] - a Python library for generating HTML documents.