Those who doubt the King Cobra's "collectible" ability haven't been paying much attention to the market lately. In fact, the only Colt revolvers that don't seem to be swelling in price are the ones they made zillions of for duty use such as the worn out & beat-up old Police Positive revolvers.
I regularly attend the finest gun show in Ohio (which draws in folks from much further away) and it is a phenomenal place to shop for Colt revolvers. Nice King Cobra revolver in stainless run easily over $1,200 and go up from there. This is a revolver that used to sit in a similar price range as a similar vintage Smith & Wesson 686.
Add to the fact that the King Cobra isn't built like a Python and doesn't require the tuning and precision work that a Python does and it seems like the decision if you plan to shoot a decent volume is leaning toward the King Cobra.
The Python will always have more dollar "value." So if you see one of each sitting together with the same price, it's a no brainer... take the Python home. Problem is -- you won't. So if it can only be one or the other and you plan to shoot it a bunch, the King Cobra seems like the right choice to me.
But your heart (and wallet) will make the ultimate decision.
I've never had the pleasure to shoot a Python and I'm sure that one day, I'll get that chance. But to a man, I say the King Cobra is a better looking revolver than the Python. I mean, nobody can touch that Colt Royal Blue that you'll find in an older blued Python, but in the simple aesthetics of the gun and the solid (but not vented) rib, the King Cobra is a gorgeous revolver.