Pydev 1.4.8 has been released (a few days ago).
The usability improvements on this release had already been highlighted before, so, I think that the major highlight to talk about is the possibility of 'live coding' in the debugger (although it's still a bit on the experimental side).
To enable that, 2 features were done: Jump to line (ctrl+R with the focus on the line) and reload module contents (right now only available for python 2.x).
The idea is that you can get to some point in your code in the debugger, watch what's happening, change the code to fix it and then jump to the line that created that frame (so, you actually need to do a jump to an outer frame -- which actually requires finishing the current frame, as python has no support for dropping a frame -- although you can jump to the return line and then jump in the outer frame to the caller of that frame -- yes, it can be a bit confusing).
Note that there are still a number of shortcomings in the current version -- some because of python, which can only make a jump when the debugger receives a line event (so, if you were at the end of the frame, it might be that you cannot properly do the jump, because a return event will be available in that case, instead of a line event, and being inside a try..except has its peculiarities too), and others because the reload is still pretty naive (it uses the xreload module -- currently only available for 2.x -- but I already have some ideas that can make it better).
So, in the current version, it can be a bit difficult to use it properly, but still, it's pretty nice when it does :)
p.s.: I was going to provide a screencast for that, but decided on waiting a bit more until I'm able to work on some of the rough edges in the current implementation.
p.s2.: The jump to line in python can only jump inside the current topmost frame, but in pydev you can ask to make a jump to any place in the stack, but that means it'll execute everything normally until it gets to the frame where the jump was asked -- and only then will it actually execute the jump -- maybe if there's enough interest in that, someone at the python side could provide a way to drop frames :)