People who work with R are undoubtedly familiar with the R markdown package.
I am a vivid python user and use Mistune for converting markdown to html pages. It also supports code highlighting and mathjax to embed latex formulas in html. However there's one type of functionality missing.
R markdown has the possibility of executing R code inline (and rendering the result to html) or rendering graphs inline. That saves time and makes the documentation maintainable as you don't need to manually prepare the output of that function or manually prepare and save a graph since it's rendered on the fly.
Is there such a possibility or library in python, perhaps in combination with Mistune?
You should really check out ipython notebook (now it's called Jupyter because it supports many languages including R), it can be a little difficult to install for those beginning with Python, so I might also suggest the Anaconda Python Distribution which includes it by default.
allows you to execute code, enter markdown formatted text, display graphs and much much more.