You can certainly do it with Matlab (provided you have purchased the symbolic toolbox of course).
Oh, and have I told you about how Scipy can replace R for really cool statistical analyses?
Sure, it can for some things, but why?
My thing with Python is that it kinda loses to Matlab for non-statistical work (except perhaps for select fields, like network analysis or language processing), and to R/SAS/Stata (depending on type of job and personal preference) for statistical stuff. Of course all of these (other than R) are proprietary and not cheap, but most universities have all of them anyway, and businesses just buy what they need.
btw: did you first learn Matlab, or Python? In my experience, there is a tendency for people who start with Matlab to dislike Python, and for people who start with Python to dislike Matlab :) Probably has something to do with some basic things being just so slightly different, and therefore bothersome.
Also, the Matlab IDE these days is actually quite decent -- does Python have something similar?