What it is, is a replacement for xterm/aterm/gnome-terminal/konsole etc. It is literally some python glue to make a window containing a libvte terminal, and it's written in python.
I have it in my '+junk' thingy on launchpad. It is accessable on code.launchpad.net. If you have bzr, you can do
bzr branch lp:~jerub/+junk/hate.
There are many good reasons for writing this software. Being able to add features to terminal emulators is hard, writing python code is easy. I think it would be awesome to have a terminal emulator that did some advanced things like "survive X crashing", and have a key combo that says, "bring me a terminal that has nothing running in it and hasn't been used in a long while".
hate.py is supplied without warranty, etc etc. I also have no idea what license it's under.
If I have more contributors than just me and Glyph, I might even turn it into a 'real' project :)