What are the relative advantages of various Python/PHP web frameworks (particularly for my project)?
Before deciding on a framework, you should first decide if you want to commit to a language you are unfamiliar with.
You said you've both got minimal PHP experience, so you have to weigh up the advantages here; Will the pros for going PHP (if any) out weigh the amount of time the developers will need to spend to retrain? 
(Although depending on your background experience, PHP should be very easy to pick up.)
If you frame it like that, PHP would have to have a pretty convincing offering to give you. From what I'm seeing, specifically Django vs web2py, they both seem very close in functionality - which is good, but doesn't provide the "you must use x!" scenario you may be after.
However, If you will be bringing more people in later and feel finding people to work with web2py will be difficult, it may tip it to PHP. You said your self, Django's popularity (and BSD license) is hard to ignore, and it should make it easier to find people for later expansion.
If it were me, in your shoes, I would go with web2py. Assuming the development team will continue to be Python focused for the foreseeable future.
I'm deciding on a web framework for an upcoming project, and I'd appreciate any advice. We've decided to use jQuery for the JavaScript, and are heavily leaning toward Python or PHP (more Python) for our server-side logic. I'm especially interested in web2py because of its jQuery integration.
About our project

Our project is to develop a security console for a complex
cybersecurity system operating within an organization's internal
network.
This console will be largely server-driven, as messages come in from the network and must be pushed by the server to the user.
The user will also be able to initiate security actions, the implementation for which will likely be in C++.
The interface we've planned will be relatively rich, and I want to leverage jQuery's power as much as possible.
We have some control over the browser environment we'll be running in (e.g., we don't have to worry about clients with JavaScript disabled).
Our site is likely to have only a few, long-lived client connections.
We are looking for software components with permissive licenses, though we're using some copyleft components (I see that web2py is LGPL while Django is BSD, so +1 to Django)
We have about a month to create a functional demo of our system, of which this interface is a small (but visible) part.

About us
We are two developers with about 5 years of programming experience, but little web development experience. I have several years of Python experience and a summers' worth of experience messing around with PHP. My coworker has some Python experience and has never touched PHP.
I used Django once back in 2008, and was frustrated by the file and code structure, which I found highly unintuitive. Perhaps this structure is inherent to the MVC model (I've had similar experiences with Django and CakePHP since), and I just need to bite the bullet and memorize it.
My Question
Given the information above, what are the relative advantages of the various Python/PHP web frameworks for our project? As mentioned above, I'm especially interested in web2py because of its jQuery integration, though Django's dominance is (once again) hard to ignore.
Thank you very much for your time!