Unfortunately I haven't seen an official Ableton Live python scripting support. I have tried to find it with no success.
Yes, the controllers are configured using precompiled python scripts and 3rd party users have been decompiling them and building their own bindings based on that. But liveapi.org / http://code.google.com/p/liveapi/ has been down for a while and was built for version 6.0.7 (current is version 8).
Currently official way to access Ableton API seems to be MAX [1] but I have no experience with that. At first sight it didn't seem to have any python reference. I could be wrong.
Manipulating Ableton Live directly using python is tricky as you need to impersonate a proprietary device. However, there's a fairly there's a fairly straightforward Open Sound Control API here: http://livecontrol.q3f.org/ableton-liveapi/liveosc/
Oh nice, thanks. I just wrote OSCPad for Android which I hope becomes the standard OSC controller for Android, I will look at some default templates supporting Ableton Live.
I know Ableton Live has python scripting support built in. I wonder how hard it'd be to integrate all this into composer tools in the DAW