What I propose below is a Behaviour (or Story) Driven Development domain-specific language for writing your tests in Python. This uses some tricks of how imports are done (via encoding) to dynamically translate the tests from the DSL into pure Python. Additional tricks are used to preserve the line numbers of errors, offer abbreviated asserts, and automatically pass local variables from parent to child scopes.
This is parallelizable for efficient test running, compiles to Python bytecode for efficiency, and follows the same style as doctests.
If you hate DSLs (hey, Python ain’t Ruby!) consider this to be a file-length docstring. If you don’t like doctests then consider this to be a template engine for tests. (Most modern template engines generate Python code…)
Here's an example parallel runtime for the above, back-linked for referential integrity: https://gist.github.com/amcgregor/1190561