wwitzel:~ brew install rlwrap wwitzel:~ alias python='rlwrap python'And presto, everything functioned as it should. I added the alias to my .bash_profile and made this blog post for when I forget about this in the future. Hope this helps someone else who might be wrestling with the same issue.
I had built my Python interpreter from source because I wanted a 64bit compile to use with boost-python based generic algorithm. So for the last couple months I have not had readline support, which means no arrow support in the console. Also means neat shortcut's like _ would work for assigning the last result of an expression. I finally got annoyed enough today to fix it. After a ton of failed attempts and trying to rebuild it with readline support. I found a post in the Ruby world where someone has having similar issues. Their solution was rlwrap. Having homebrew installed, I figured I'd give that a try.