I have attached a patch to fix this problem.
I am using the latest stable version of emacs 24.2.1, but with the version of python.el written by Fabián E. Gallina from the latest development emacs sources.
When running python or ipython under Emacs, when either an exception or a call to pdb.set_trace() is encountered, pdbtrack doesn't immediately jump to the appropriate line of the offending source file. In the case of pdb.set_trace(), this is because a few extra lines of information are printed involving the arguments of the present function (see below), and the implementation of pdbtrack in python.el requires the stack information to be on the first or second line of the most recent comint output. If I type 'up', then 'down' to move between the stack frames, pdbtrack finds the stack frame info and jumps to the source file as desired.
When using IPython, ipdb generally prints an entire stack trace, so it's necessary to find the line corresponding to the _last_ stack frame printed.
I have attached a context diff of the change required to fix this behavior so that pdbtrack immediately jumps to the desired source file, rather than requiring me to type 'up' then 'down' to move between stack frames so that one and only one stack frame is printed.
Below is an example of extra information printed when python encounters a call to pdb.set_trace(). pdbtrack requires the stack frame to be on the first or second line, but in this case the first and second lines are '1.1' and '--Return--' (The code in question is not printing anything to stdout).
>>> mg.jey()
1.1
--Return--
> /Users/novak/Projects/gsnpy/mg.py(17)gsn()->None
-> pdb.set_trace()
(Pdb) up
python.el.diff