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There's a lot more stuff in sage, like good support for graph theory and group theory, which iPython doesn't even touch. It also wraps a number of other pieces of excellent open source projects.

I see. I've always thought of sage as ipython+sympy+numpy+matplotlib+scipy ... sort of an enthought type of deal.

sagemath is such a distribution, but also a rather thick layer of algorithms on top of that. many of them are actually written in cython, to make them fast and to have a good binding with those libraries, etc.

Also a syntax pre-parser to support more "standard" mathematical notation (one among the many: exponentiation using ^)

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