It appears that, as it has "Python" in the tagline, this blog is legally required to comment on the current decorator controversy in the Python community.
I think Hans Nowak has the best and most thorough explanation of what the new decorator does (at least in its current implementation), and exploration of how you can use it in interesting ways. Certainly, it's been the explanation that fits my brain best.
Everything I've seen so far, though, has been "this is how it works", plus some "this is cool because it makes classmethod less of a special case". And it lets you extend the language, which is very good, in that Python-as-a-larval-Lisp way.
The next obvious question to me is, which interesting applications of decorators are going to be provided in the standard library? There are a number of "good ideas" (function attributes, synchronized, docstring replacement, PyProtocols implementation, magical hook insertion like atexit and sys.settrace, etc.)
My biggest concern: right now, everyone is caught up in the syntax for the feature, and to a lesser extent, the implementation corner cases. I haven't really seen anyone (and by "anyone" I mean the BDFL) talking about what decorators will exist as part of the standard Python distribution.
I fear that decorators will become Python's equivalent of the "everyone's own favorite homegrown string library" phenomenon we saw in the early days of C++. Everyone will have their own favorite and flawed implementation of @synchronized.