Currently I\'m using the auto-tools to build/install and package a project of mine, but I would really like to move to something that feels more \"pythonic\".
My pro
In general, yes - everything is better than autotools when building Python projects.
I have good experiences with setuptools so far. However, installing files into fixed locations is not a strength of setuptools - after all, it's not something to build installaters for Python apps, but distribute Python libraries.
For the installation of files which are not application data files (like images, UI files etc) but provide integration into the operating system, you are better off with using a real packaging format (like RPM or deb).
That said, nothing stops you from having the build process based on setuptools and a small make file for installing everything into its rightful place.