I'm downloading Python 3.1.1 and that comes with the IDLE correct?
I'm also downloading QT for Windows which I'm told is a good GUI framework to work with Python. 
What projects should I try to make in order to grasp some of the goodies Python brings to the table?
Thanks a bunch SO.
If you are new to python, why not start with some simpler command line projects?  I know you said you are not new to development, but maybe you should spend some time with the core python stuff before tacking on a GUI framework.  Just a suggestion.  
Also, I would point out that Python 3+ code looks a bit different than a lot of the python 2.x code samples you will see around the internet.  I have found Python 3 to be not the best in terms of backward compatibility.  You might want to start out with a 2.x version of Python to get the most out of the plethora of Python tutorials on the internet, then move to Python 3 if you need it.
What are some good projects to make for a newbie Python (but not new to programming) developer?