I'm involved in a project which uses the TurboGears framework for serving web pages. The templating language we use is Kid. Recently, we ran into a problem where web pages did not correspond to the installed templates. After a bit of detective work, we suspected that TurboGears/Kid was not using the templates, but rather stale, compiled versions of old templates (.pyc files). Some Kid mailing list discussion confirmed our suspicions. The problem is that Kid only recompiles if the mtime of the source (.kid) file is after the mtime of the corresponding compiled (.pyc) file. In contrast, Python recompiles unless the mtime stored in the .pyc file exactly matches the mtime of the source (.py) file.
My understanding is that, ideally, Python would use a one-way hash of the source and only use the compiled file if there is an exact match. The exact mtime comparison is practically nearly as good and much, much faster. But, the mtime inequality comparison is a poor approximation of the ideal and only works when you can guarantee that (1) the system clock is perfect and never changes timezone (e.g. no switch between EDT and EST), and (2) mtimes are always updated to "now" whenever contents or locations are changed (i.e. even "mv" must affect mtime and rsync -a is right out). I don't know of any OS which provides these guarantees. The good news is that there is no disagreement on the existence of the problem; so, this is likely to be fixed in a future version of Kid.