I've done a fair amount with Pygame. It's great for learning the fundamentals of 2D graphics and little toy games, it works well for writing simple programs to do things with image data, and I imagine you could use it to pretty easily get an OpenGL window to draw into.

I would not recommend using Pygame to develop a serious game project. All of Pygame's provided functions use software rendering, so you won't be able to take advantage of the graphics card. More seriously, Pygame includes essentially none of the features that come out of the box in a modern game engine, so you have to do things like write the event loop yourself and find your own solutions to physics and animation and figuring out which UI element is currently under the mouse cursor. Great for learning how that stuff works, not great for getting a high-quality game shippable.