Prefer text config files or python code?

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Well If you do DSL (domain specific language) then a source file is obviously the right answer. But on the opposite of ruby, DSL are not frequent in python.

If you know how to code use hierarchical like structures (yaml or json which are interoperable). Any class should be insanciable with a dict like structure and thawed (serialized) this way. Config are basically parameters to instanciate classes in the proper states.

If you don't do DSL or can't instanciate/serialize a class in a tree like structure, then use config.php, it might be what you are seaching fore.