The point about schema evolution is important.
I've taken to using a pickled python object in a text field in every model. That flexibility to store arbitrary data in a hash is amazing. I've used it to, for example, represent twitter accounts that are oauthed, with password, following the business account, or just nothing special. 4 kinds of accounts, with logic in the model to deal with it properly, all without evolving the schema. I only started with the first 2, and added the latter two without a problem.
I'm pushing this a bit further now, and transitioning away from models altogether, and experimenting with a non-relational database like couchdb. I'm debating moving to google app engine too, but found some details (like getting on your own domain) to be pretty annoying.