> It is not an issue for apps which spend most of the time doing I/O.

This is a common misconception that doesn't seem to be backed up by any data.

Dave Beazley did a number of performance tests with profiling, looking at GIL contention in a multi-core scenario: http://www.dabeaz.com/python/GIL.pdf

The results were that even IO-bound workloads still suffered because of the poor implementation of the GIL (details on slide 35 or so). This was an issue up until Python 3.2 (!) when a new GIL implementation was added, which he also profiled: http://www.dabeaz.com/python/NewGIL.pdf