Oh FaeMinx, did you know what you were getting yourself in to here?
I won't say you should use it, by Python gets my vote of confidence. As a mechanical engineer, I don't have to program much, but when I do Python gets the job done.
To clarify, the Pandora comes with Python 2.6 installed; the 2.7 that you downloaded has a few extra features, but you probably won't encounter them for a long while. Even when you do, they'll be easy enough to work around. Python 3.x isn't yet available for the Pandora.
The main disadvantage to Python is performance. Since you can't influence those hidden low-level details, you can't get great control over the processor and memory usage. As your programs become more complex, this will become a problem, but even this can be worked around by rewriting only the performance critical sections of the code in C or Cython, but that's a discussion for later.
For learning, there are many good resources; I cut my teeth on the
various wikibooks available, and I've heard plenty of good things about
How to Think Like a Computer Scientist. And, of course, any specific questions can be directed to the Python dev section here.
For editors, your Python installation should include IDLE. I don't know if it's any good, but it should be enough to start.