Does using Psyco with django make any sense?
First, as gribbler and Ibrahim mentioned, your process won't die unless you are using pure CGI... which you shouldn't be using.
Secondly, the bottleneck in most web apps are database queries, for which Psyco won't help.
If you happen to have a some logic that is computationally intensive it can certainly make sense to use Psyco or Cython.  In fact I read a report somewhere (sorry it's been a while so can't find a link now) by someone who was doing some complex calculations and had great results compiling their entire views.py with Cython.
I know the benefits of Psyco for a Desktop app, but in a Web app where a process ( = a web page or an AJAX call) dies immediately after been fired, isn't it pointless ?