I have a program completed that does the following:
1)Reads formatted data (a sequence of numbers and associated labels) from serial port in real time.
2)Does minor manipulations to data.
3)plots data in real time in a gui I wrote using pyqt.
4)Updates data stats in the gui.
5)Allows post analysis of the data after collection is stopped.
There are two dialogs (separate classes) that are called from within the main window in order to select certain preferences in plotting and statistics.
My question is the following:  Right now my data is read in and declared as several global variables that are appended to as data comes in 20x per second or so - a 2d list of values for the numerical values and 1d lists for the various associated text values.  Would it be better to create a class in which to store data and its various attributes, and then to use instances of this data class to make everything else happen - like the plotting of the data and the statistics associated with it?
I have a hunch that the answer is yes, but I need a bit of guidance on how to make this happen if it is the best way forward.  For instance, would every single datum be a new instance of the data class?  Would I then pass them one by one or as a list of instances to the other classes and to methods?  How should the passing most elegantly be done?
If I'm not being specific enough, please let me know what other information would help me get a good answer.
A reasonably good rule of thumb is that if what you are doing needs more than 20 lines of code it is worth considering using an object oriented design rather than global variables, and if you get to 100 lines you should already be using classes.  The purists will probably say never use globals but IMHO for a simple linear script it is probably overkill.
Be warned that you will probably get a lot of answers expressing horror that you are not already.
There are some really good, (and some of them free), books that introduce you to object oriented programming in python a quick google should provide the help you need.
Added Comments to the answer to preserve them:
So at 741 lines, I'll take that as a yes to OOP:) So specifically on the data class. Is it correct to create a new instance of the data class 20x per second as data strings come in, or is it more appropriate to append to some data list of an existing instance of the class? Or is there no clear preference either way? – TimoB
I would append/extend your existing instance. – seth
I think I see the light now. I can instantiate the data class when the "start data" button is pressed, and append to that instance in the subsequent thread that does the serial reading. THANKS! – TimoB
python program structure and use of global variables