Using system python vs. updated/current version

[memilanuk]

Hello there,

What would be considered the correct/best way to run a current release
of python locally vs. the installed system version?  On openSUSE 12.3,
the repos currently have 2.7.3 and 3.3.0.  As far as I know, I'm not
really hitting any limitations with the existing versions - my skills
just aren't that far along - so its not a burning 'need' but I'm still
curious/interested in the topic.

Also... in some places in the 'Net I see references to installing
everything 'locally' via pip, etc. in virtualenvs and not touching the
system installed version of python... yet most linux distros seem to
have many/most such packages available in their package repos, which
seems like it'd be easier to install via the package manager and let it
keep things updated.  Could someone touch on what they feel the pros and
cons would be either way?

Thanks,

Monte