I run nginx as a static file server and reverse proxy to uwsgi (via a local socket). I find the setup to be simpler than Apache/mod_wsgi, though both approaches meet my performance needs without any trouble. I run PostgreSQL as my database. (This is on a reasonably low traffic, but fairly data heavy site. It all runs comfortable on a Linode 512)

I'll just reiterate what Daishiman said regarding DVCS (like git or mercurial), virtualenv, and South. Use them! All three will make your life much easier 6 months from now.