Hey Chris,
I assume you're referring to that part:
"you're able to inherit some classes of the C++ API [..] and create a python binding to it using the Python API."
There is no magic. Once you've inherited the desired class in cpp (in which the CBase is part of the inheritance tree), write your extension using the CPython API. To provide a smoother inter-operability between both, I rely on the pythoncom lib and the XSI::ConvertObject function.
I'm not going to implement a complete subclass (too lazy on a sunday), but here is a sample that should show you the basic idea. Note that I omitted any security code for brevity. For other folks, don't use that in a production-context, it deserves much more love.
There could be some drawbacks depending on what is your usage as well as major differences between the two interfaces (C++ vs COM). This is far from being *perfect* nor *elegant*, but still, I consider this mechanism valid for specific needs.
I would stay on my first suggestion for Jeremie tho, which is to wrap the desired class directly in python as it's also the way recommended by Mark Hammond himself according his book (he refers to it as the *delegate* pattern).
=)
-- Jo