Font-lock mode in Xemacs (formerly know as lucid emacs), allows for
highlighting code based upon a combination of regular expressions and
a syntax table. You can use alternate fonts (italic, bold, etc)
and/or color to emphasize portions of the code. In terms of Python
code the, result is that all class names and function names are
highlighted. Comments and keywords are also highlighted, but in a
different manner from the class and functions.
Kevin