Just to follow up on AlexMartelli's and Catskul's answers, there are some really simple but nasty cases that appear to confound reload, at least in Python 2.
Suppose I have the following source tree:
- foo
  - __init__.py
  - bar.py
with the following content:
init.py:
from bar import Bar, Quux
bar.py:
print "Loading bar"
class Bar(object):
  @property
  def x(self):
     return 42
class Quux(Bar):
  object_count = 0
  def __init__(self):
     self.count = self.object_count
     self.__class__.object_count += 1
  @property
  def x(self):
     return super(Quux,self).x + 1
  def __repr__(self):
     return 'Quux[%d, x=%d]' % (self.count, self.x)
This works just fine without using reload:
>>> from foo import Quux
Loading bar
>>> Quux()
Quux[0, x=43]
>>> Quux()
Quux[1, x=43]
>>> Quux()
Quux[2, x=43]
But try to reload and it either has no effect or corrupts things:
>>> import foo
Loading bar
>>> from foo import Quux
>>> Quux()
Quux[0, x=43]
>>> Quux()
Quux[1, x=43]
>>> reload(foo)
<module 'foo' from 'foo\__init__.pyc'>
>>> Quux()
Quux[2, x=43]
>>> from foo import Quux
>>> Quux()
Quux[3, x=43]
>>> reload(foo.bar)
Loading bar
<module 'foo.bar' from 'foo\bar.pyc'>
>>> Quux()
Traceback (most recent call last):
  File "<stdin>", line 1, in <module>
  File "foo\bar.py", line 17, in __repr__
    return 'Quux[%d, x=%d]' % (self.count, self.x)
  File "foo\bar.py", line 15, in x
    return super(Quux,self).x + 1
TypeError: super(type, obj): obj must be an instance or subtype of type
>>> Quux().count
5
>>> Quux().count
6
>>> Quux = foo.bar.Quux
>>> Quux()
Quux[0, x=43]
>>> foo.Quux()
Traceback (most recent call last):
  File "<stdin>", line 1, in <module>
  File "foo\bar.py", line 17, in __repr__
    return 'Quux[%d, x=%d]' % (self.count, self.x)
  File "foo\bar.py", line 15, in x
    return super(Quux,self).x + 1
TypeError: super(type, obj): obj must be an instance or subtype of type
>>> foo.Quux().count
8
The only way I could ensure the bar submodule was reloaded was to reload(foo.bar); the only way I access the reloaded Quux class is to reach in and grab it from the reloaded sub module; but the foo module itself kept holding onto the original Quux class object, presumably because it uses from bar import Bar, Quux (rather than import bar followed by Quux = bar.Quux); furthermore the Quux class got out of sync with itself, which is just bizarre.