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Ubuntu 12.10 has Python 3.2.3 default, does this impact existing python tools?

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http://askubuntu.com – Ubuntu 12.10 has Python 3.2.3 default, so does this impact existing python tools, designed to be used with older python 2.x? There was a discussion in HackerNews on the same. I'm a bit apprehensive now to guide someone in python world moving to latest 12.10 for the reason it comes with Python3.2 I'm currently installing 12.10 from 12.04. Can I work side by side on Python versions 2.x and 3.x without breaking the system? Thanks. (HowTos)