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Yes python 2.7 (and Python 3.4) both have great support for regular expressions and can of course do many many things that are impossible to do with regular expressions alone.
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In my opinion, Matthew Barnett's regex module should replace the standard python re module. I use it wherever possible (especially when bundling/compiling a python interpreter). Full unicode case folding when coupled with Python 3.4.
Regarding python 2 vs 3: sometimes it's just nice to not have to jump through hoops (the same ones)--even when they're low to the ground. Any brand-spanking-new python-based project I was starting today from scratch would most assuredly be based on Python 3 (even though python 2 has been very good to/for me).
