Is Python "Compiled"?

[OpenMind]

Recently started reading about Python.  The language looks very promising!

I am confused, however, about the impressions I have received.   If I write
an application in Python, would it be distributed in the form of text
modules?  Or would they be compiled into bytecode like Java and Visual
Basic?

Too, is there a native-code compiler or front end available for Python yet,
something like the GNU C preprocessor I seem to recall?

Thanks

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