gevent is eventlet cleaned up.
API-wise it follows the same conventions as the standard library (in particular, threading and multiprocessing modules) where it makes sense. So you have familiar things like Queue and Event to work with.
It only supports libevent (update: libev since 1.0) as reactor implementation but takes full advantage of it, featuring a fast WSGI server based on libevent-http and resolving DNS queries through libevent-dns as opposed to using a thread pool like most other libraries do. (update: since 1.0 c-ares is used to make async DNS queries; threadpool is also an option.)
Like eventlet, it makes the callbacks and Deferreds unnecessary by using greenlets.
Check out the examples: concurrent download of multiple urls, long polling webchat.