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The SNMPY project implements a Python wrapper over NetSNMP code. At the time of this writing, the SNMPY module can only talk version 1 of SNMP and seems to be mostly oriented to act in a manager role.
The PySNMP compatibility interface tries to re-implement the functionality provided by the snmpy module in pure Python. The degree of achieved compatibility is limited by a MIB parser, which is implemented in NetSNMP but is missing in PySNMP at the moment.
As a rule of thumb, any operation of SNMPY where any form of MIB lookup is required can not be supported by this compatibility module in a fully compatible manner.
Here is a [possibly incomplete] list of incompatibilities and limitations of PySNMP-based snmpy module:
Please, refer to original SNMPY package documentation for more information on using snmpy module.