Probably not, Python's reload has its fair share of caveats. There was an effort in Twisted to provide robust reloading support for Python modules[1], but I think it's a bit abandoned.
That being said, we are using reload() with manhole to update code. You just have to be extra careful and know what you're doing.
I am just wondering how long would it take if the author and the Bad Engineer were different people.
Btw, it's still not the same as Erlang. So, I don't think the title is fare.