I just completed my server migration, a server full of Django apps, to a new server over the past few hours.
I needed to migrate to a new server due to a network latency issue on my Rackspace Cloud server. It was degrading the upstream network performance. Meaning some of my sites tended to time-out during longer requests, and updating the Linux packages was a pain, as it took forever.
It didn't all end bad though, in the process of the migration, I upgraded the version of nginx I am using, and instead of using FastCGI, I went for uWSGI using Fastrouter and a few other goodies uWSGI has to offer. I would completely recommend reading Jeremy Bowers | Django, Nginx and uWSGI in production, as it explains how to get up and running with uWSGI rather quickly on most Linux platforms. I used part of this tutorial, and a custom options from uWSGI to tailor it to my needs.
What is your preferred way of hosting Python web applications?
Never really understood the benefits of µWSGI… other than it can operate in a language-agnostic manner, why would you use it over plain old WSGI?
Just did nginx and uwsgi setup for an upcoming beta test
@Samat the name 'uWSGI' is the most unfortunate choice ever. for tons of reasons. uWSGI is an application server, uwsgi is a communication protocol (the one supported by nginx) and WSGI is one of the standard it supports. So, uWSGI is not a substitute for WSGI, is an implementation of it. 
Hello Samat. Thank you for the comment. uWSGI has some very powerful features which are not available in standard server configurations. I would recommend looking at their Examples page, especially the example labeled "Massive Django hosting with automagic config and lower resource impact", it explains how a hosting provider can easily provide Django hosting with minimal server configuration. FastRouter is definitely a selling point of uWSGI.
I strongly suggest reading this: http://blog.dscpl.com.au/2009/05/blocking-requests-and-nginx-version-of.html