Was really excited about the prospects of working on Ethereum with its python implementation but learnt that it's getting deprecated...why has this happened and can we hope for any other python wrappers?
With regards to why Serpent was deprecated, Vitalik recently Tweeted that he considers Serpent to be "outdated tech".
README has been updated in the last couple of days with the following:
Being a low-level language, Serpent is NOT RECOMMENDED for building applications unless you really really know what you're doing. The creator recommends Solidity as a default choice, LLL if you want close-to-the-metal optimizations, or Viper if you like its features though it is still experimental.
Viper is the successor to Serpent. It is under active development, mainly by Vitalik himself.
Take a look at our security audit for Serpent to see why.
Basically, it's very a bad quality, untested and unmaintained insecure project.