You will likely cause more problems updating the system python than managing the two separate installations.
That's sadly worrying.
OSX relies on the version of python they ship.
I think that helps my point--there *are* bug fixes between major versions despite the new language changes, and that can really only be a good thing.
While there are likely cases where it could be replaced completely safely the risks of having to re-install your OS at some point because it has the wrong version of python are not worth it.
I haven't been a Mac user long enough to see a major version change (I was on Linux/XP/Vista for most of 2.4 and switched distributions right after 2.5 came out, and then XP before that), so I've never seen a version change, but is this the sort of thing that will be upgraded in Software Update?
- Avinash -- http://mail.python.org/mailman/listinfo/python-list