Yesterday Walco and I found a great tool, called exiftool for both reading and writing exif metadata from and to images (e.g. taken with a digital camera).
Its actually both a command line utility and a library. But unfortunately its written in Perl - so I see no easy way to integrate it in other tools written in Python.
However, the command line utility is already very very useful!
The command I currently use to extract images from the compact flash card and to store these images in a directory structure based on the date the images were taken:
exiftool "-Directory<${DateTimeOriginal}" -d %Y/%m/%d/ -r -o /tmp /path/to/cf