ConfigParser vs. import config
The biggest issue I see with import config is that you don't know what will happen when you import it. Yes, you will get a set of symbols that are naturally referenced using a . style interface. But the code in the configuration file can also do who-knows-what. Now, if you completely trust your users, then allowing them to do whatever they feel like in the config file is possibly a good thing. However, if you have unknown quantities, or you want to protect users from themselves, then having a configuration file in a more traditional format will be safer and more secure.
This completley depends on your needs and goals for the script. One way really isnt "better", just different. For a very detailed discussion on most of pythons config parsers (including ConfigParser and config modules), see:
"import config" is very simple, flexible and powerfull but, since it can do anything, it might be dangerous if the config.py is not in a safe place.