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At the bottom of this page: http://docs.python.org/devguide/documenting.html
There is a command explaining how to build the documentation without using make:
 python tools/sphinx-build.py -b<builder> . build/<outputdirectory>
It is unclear as to which directory the "tools" is referring to. In the "Tools" directory of the main branch, there is no sphinx-build.py file.
On my system, I was able to do the build using sphinx-build as a bare command:
 sphinx-build -b<builder> . build/<outputdirectory>
I am not sure if this is system specific, but for someone building the documentation for the first time (as I was), this could be confusing. Perhaps someone could explain whether the command that is currently written is obsolete or just differs by system.