Here is a short 2 minute video with Jim Hugenin that explains what "Python on .NET" is and why it such a cool implimentation of Python. There is some talk about Visual Studio integration to come. Now that may be something cool to use with high school courses. I'm a big believer in using the Visual Studio environment to allow students to try multiple languages in a single IDE.
More and current information about Iron Python can be found at the getdotnet IronPython workspace.
[Link to the video thanks to Korby Parnell]