autopep8.el to beautify Python code based on js-beautify.el - http://sethmason.com/2011/04/28/jsbeautify-in-emacs.html
requires autopep8 - https://github.com/hhatto/autopep8
put this in your emacs init:
(add-to-list 'load-path "~/dir/containing/autopep8/")
(require 'autopep8)
To use:
M-x autopep8, "Beautify with autopep8" in "Python" menu, or with key C-t C-t, to apply autopep8 on highlighted region or whole buffer.