Everyone else has already mentioned the PEPs, but also take care to not have import statements in the middle of critical code. At least under Python 2.6, there are several more bytecode instructions required when a function has an import statement.
>>> def f():
from time import time
print time()
>>> dis.dis(f)
2 0 LOAD_CONST 1 (-1)
3 LOAD_CONST 2 (('time',))
6 IMPORT_NAME 0 (time)
9 IMPORT_FROM 0 (time)
12 STORE_FAST 0 (time)
15 POP_TOP
3 16 LOAD_FAST 0 (time)
19 CALL_FUNCTION 0
22 PRINT_ITEM
23 PRINT_NEWLINE
24 LOAD_CONST 0 (None)
27 RETURN_VALUE
>>> def g():
print time()
>>> dis.dis(g)
2 0 LOAD_GLOBAL 0 (time)
3 CALL_FUNCTION 0
6 PRINT_ITEM
7 PRINT_NEWLINE
8 LOAD_CONST 0 (None)
11 RETURN_VALUE