It is now much, much more than that. Besides the notebook (that allows you to mix python, images, math, etc... inside an html browser: http://ipython.org/ipython-doc/stable/_static/notebook_specg...), you get a powerful engine capable of distributing computation between different machines.
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http://ipython.org/ipython-doc/dev/overview.html
Basically it's the Python terminal on steroids.
It is now much, much more than that. Besides the notebook (that allows you to mix python, images, math, etc... inside an html browser: http://ipython.org/ipython-doc/stable/_static/notebook_specg...), you get a powerful engine capable of distributing computation between different machines.