Colt went through the big bankruptcy and in order to keep in business they had to "lose" some of the less profitable guns.
In 2000 they discontinued the King Cobra, the DS-II/Magnum Carry, the .22 auto, and several other models.
They kept the Anaconda and the Python up until late 2004.
The Python was discontinued because it was simply pricing itself out of the market.
It was a totally hand assembled, hand fitted and tuned gun and required A LOT of external polishing for that mirror-like finish.
All this hand labor cost big bucks since the people capable of doing that level of work don't work for minimum wage, and the gun was getting so expensive sales were falling.
Then too, all Colt's best people were so busy building the Python, the other, more profitable lines were suffering.
The Anaconda went because the market for huge double action revolvers costing more than the competition was also falling.
Colt is supposedly working on new revolver designs, of which we should hear something soon, but the Python as it was is gone forever.