Hell yeah! It has been a lot of work but it's out at http://revista.python.org.ar
PyAr, The History
from gc import commonsense - Finish Him!
Painless Concurrency: The multiprocessing Module
Introduction to Unit Testing with Python
Taint Mode in Python
Decorating code (Part 1)
Web2Py for Everybody
It's available in pretty much every format anyone can read, and if your favourite is not there, we will make it for you or may I be smote by the flying spaghetti monster's noodly appendage!
AFAIK there is no other Python magazine being published (feel free to correct me), so it's kind of a big thing for us in PyAr (the Argentina Python community) that we are doing one, and in two languages.
But why stop here? Want it to be available in your language? Contact us at email@example.com it may be doable!
And of course, very soon there will be a call for articles for Issue 2, and trust me: that one's going to be epic: this one was just a warmup.