For smaller projects, I'd wholly recommend Flask over Pylons or web.py: http://flask.pocoo.org/
I'd even say consider Flask for larger projects if you have patience, a good head for package/module layouts, and are after a really "no fluff" framework.
Tie it up to Nginx using Gunicorn: http://gunicorn.org/
(Here's the instructions in the Flask docs: http://flask.pocoo.org/docs/deploying/others/#gunicorn)
You will get some killer, low memory performance (many times smaller memory footprint than Django) out of that setup.