Just to elaborate on what other people have said, numpy is an especially bad module to use import * with.
pylab is meant for interactive use, and it's fine there. No one wants to type pylab.zeros over and over in a shell when they could just type zeros. However, as soon as you start writing code, everything changes. You're typing it once and it's staying around potentially forever, and other people (e.g. yourself a year down the road) are probably going to be trying to figure out what the heck you were doing.
In addition to what @unutbu already said about overriding python's builtin sum, float int, etc, and to what everyone has said about not knowing where a function came from, numpy and pylab are very large namespaces.
numpy has 566 functions, variables, classes, etc within its namespace. That's a lot! pylab has 930! (And with pylab, these come from quite a few different modules.)
Sure, it's easy enough to guess where zeros or ones or array is from, but what about source or DataSource or lib.utils? (all of these will be in your local namespace if you do from numpy import *
If you have a even slightly larger project, there's a good chance you're going to have a local variable or a variable in another file that's named similar to something in a big module like numpy. Suddenly, you start to care a lot more about exactly what it is that you're calling!
As another example, how would you distinguish between pylab's fft function and numpy's fft module?
Depending on whether you do
from numpy import *
from pylab import *
or:
from pylab import *
from numpy import *
fft is a completely different thing with completely different behavior! (i.e. trying to call fft in the second case will raise an error.)
All in all, you should always avoid from module import *, but it's an especially bad idea in the case of numpy, scipy, et. al. because they're such large namespaces.
Of course all that having been said, if you're just futzing around in a shell trying to quickly get a plot of some data before move on to actually doing something with it, then sure, use pylab. That's what it's there for. Just don't write something that way that anyone might try to read later on down the road!
</rant>