The fact alone that PyPubSub seems to be a somewhat chaotically managed project (the Wiki on SF is dead, the website (another Wiki) which is linked on SF is currently broken) would be enough reason for me not to use it.
PyDispatcher has an intact website, but the only documentation they seem to provide is the one for the API generated from the docstrings. No traffic on the mailing list either... a bad sign!
As Mike also mentioned, it's perfectly possible to choose a solution that is independent of Python. Now don't get me wrong, I love Python, but still, in this field it can make sense use a framework that is decoupled from the programming language.
I'm not experienced with messaging, but I'm planning to have a look into a few solutions. So far these two (free, open source) projects seem to be the most promising for me (coincidentally, both are Apache projects):
Both seem to be reasonably matured projects, at least a far as documentation and community. I can't comment on the software's quality though, as I said, I didn't use any of the software.
Qpid ships with client libraries for Python, but you could also use py-amqplib. For ActiveMQ there's pyactivemq, which you can use to connect either via STOMP (Streaming Text Orientated Messaging Protocol) or via Openwire.