It's probably too broad a request. You can do anything that you can with normal python. If you want to interface with Construct objects then it's mostly straightforward, although there are many gotchas since the way events work are very different to python. Do a forum search for python and you'll get a lot of info. Only search for posts by me and that narrows it down a bit to more relevant info.
There are also things you can't access from python, but it all depends on what you want to do.
Generally events are a better way to write stuff. Python is more reusable but it's main use is to interface with third party libraries.