Creating Python bindings to Qt is a lot of work, to be sure, but it's not rocket science. Either Riverbank will LGPL PyQt, or someone else will no doubt come along and write their own LGPL bindings.

Either way, this is big news. In general, there has been a lot of hang-wringing about "which GUI toolkit to use", and the main (and pretty much only) reason for not using Qt (its licensing) has just evaporated into thin air.

From the PyQT website: "Like Qt itself, PyQt is provided under a number of licenses depending on how it is going to be used. In fact, we try and follow Trolltech's licensing model as closely as we can." - http://www.riverbankcomputing.co.uk/commercial/pyqt

So I'd guess from this that later versions of PyQt will be released under LGPL, though of course that's not yet certain.