Saw this yesterday...
It translates Python to Javascript and Javascript to Python. I could see it as an enhancement to the {{}} functionality in web2py to help write javascript code in python syntax. C'mon, you know you already think in python -- just admit it and go all the way!
One of the problems the author faced is that he needs a reliable way to tell when blocks terminate. We already crossed that rubicon with our usage of "pass" for block closures. If he added that it would make a nice javascript emitter from python source in our "view" pages.
Edit:
Found another one...
This one is only Python-->Javascript (which is the direction I care about anyway)