Python support is needed by vim in order to run things like Conque and Slimv. Arch keeps vim slim by only providing Python support in gvim. But you may prefer vim to gvim, so here's what's needed.
# Install and run abs (sync)
sudo pacman -S abs
sudo abs
# Prepare a build area
mkdir ~/abs
cd ~/abs
# Make a local copy
cp -r /var/abs/extra/vim .
cd vim
vim PKBGUID
# Change the --disable-python options to "enable"
# Build the package
makepkg
# Wait for a while
# Install your new vim and runtime
sudo pacman -U vim-runtime-7.3.547-1-x86_64.pkg.tar.xz
sudo pacman -U vim-7.3.547-1-x86_64.pkg.tar.xz
# Check it for "+python"
vim --version
Installing gvim will pull in a load of X dependencies, which is useless if you're running a headless box.
If you already have X11 installed, then installing gvim would be the simplest solution.