How can I produce a human readable difference when subtracting two UNIX timestamps using Python?

You can use the wonderful dateutil module and its relativedelta class:

import datetime
import dateutil.relativedelta

dt1 = datetime.datetime.fromtimestamp(123456789) # 1973-11-29 22:33:09
dt2 = datetime.datetime.fromtimestamp(234567890) # 1977-06-07 23:44:50
rd = dateutil.relativedelta.relativedelta (dt2, dt1)

print "%d years, %d months, %d days, %d hours, %d minutes and %d seconds" % (rd.years, rd.months, rd.days, rd.hours, rd.minutes, rd.seconds)
# 3 years, 6 months, 9 days, 1 hours, 11 minutes and 41 seconds

It doesn't count weeks, but that shouldn't be too hard to add.

A little improvement over @Schnouki's solution with a single line list comprehension. Also displays the plural in case of plural entities (like hours)

Import relativedelta

>>> from dateutil.relativedelta import relativedelta

A lambda function

>>> attrs = ['years', 'months', 'days', 'hours', 'minutes', 'seconds']
>>> human_readable = lambda delta: ['%d %s' % (getattr(delta, attr), attr if getattr(delta, attr) > 1 else attr[:-1]) 
...     for attr in attrs if getattr(delta, attr)]

Example usage:

>>> human_readable(relativedelta(minutes=125))
['2 hours', '5 minutes']
>>> human_readable(relativedelta(hours=(24 * 365) + 1))
['365 days', '1 hour']