Is Google App Engine a worthy platform for a Lifestreaming app?
No. If you need to pull lots of things down, App Engine isn't going to work so well. You can use it as a front end by putting your data in their store after doing your offline preprocessing, but you can't do much in the ~1 second time you have per request without doing some really crazy things.
Your app would likely be better off on your own hosting.
I'm building a Lifestreaming app that will involve pulling down lots of feeds for lots of users, and performing data-mining, and machine learning algorithms on the results. GAE's load balanced and scalable hosting sounds like a good fit for a system that could eventually be moving around a LOT of data, but it's lack of cron jobs is a nuisance. Would I be better off using Django on a co-loc and dealing with my own DB scaling?