The new PyDev release is out.
For those using 3.1.0, the upgrade is recommended as this version had some compile issues which made Ctrl+1 to create classes/methods fail on some situations.
The focus on this build was mostly on bugfixing and performance/memory enhancements, so, if you're interested in getting a faster PyDev, the upgrade is recommended :)
Python stackless debugger integration is also much improved.
In the debugger, there's also a new feature, where running the debugger with catch caught exceptions turned on will now show a view with the caught exception stack (indicating the current frame), and it's possible to ignore that same exception afterwards by right-clicking the stack in that view and choosing the related option (note that handling caught exceptions in the debugger may be enabled in the debug perspective > pydev > manage exception breakpoints).
See: http://pydev.org for more details on the release.
p.s.: Note that PyDev requires Eclipse 3.8 onwards and Java 7 (for older versions, keep using PyDev 2.x)
p.s.2: LiClipse (http://brainwy.github.io/liclipse/) is recommended for users that want a PyDev standalone with a hassle free install where things should 'just work' (also, by licensing LiClipse you directly support the development of PyDev).