Nipype (great logo, Arno!). Here are some of my impressions; I haven't tried coding or installing it. If you have, I'd be curious to hear how it's gone and it you think any of this is off the mark.
Nipype aims to connect different fMRI software packages (spm, fsl, etc) so that you can program a reproducible set of steps. Your preprocessing could mix programs (e.g. smooth in one program, realign in another), and it should be easier to switch a step from one program to another (e.g. smooth in fsl instead of spm) with relatively few changes to the program.
I like that Nipype makes it possible to reproduce and share analysis steps; the current procedures are far too messy and error-prone. Nipype looks to require a fair bit of programming skill (python), however, as you're coding at a step above the underlying routines/programs: to do it properly you'd need a decent understanding of both nipype and the programs it's calling (from fsl or whatever).
Nipype strikes me as most useful to a skilled programmer wanting to run several versions of an analysis (e.g. with different motion-correction algorithms) or the same analysis many, many times (lots of subjects). It makes it more straightforward to make an established set of analysis steps (such as preprocessing) available to other people. It's hard to tell without trying it out, but it looks like a nipype program could be set up to be run by someone that doesn't know the underlying routines (e.g. an RA running the same preprocessing steps on a new group of subjects).
I have concerns about missing errors, specifying options, and stability. It's often necessary to check initial output before moving to the next step in the pipeline; these errors would need to be caught somehow (go back and check intermediate files?). Most routines have many options (e.g. FWHM, interpolation algorithm). Does Nipype set the default values? Making every single option visible through Nipype seems daunting, which is one of my concerns about stability: Nipype will need to be updated any time one of the underlying programs is updated. And installation would likely be non-trivial (all the necessary dependencies and paths), unless it's run in NeuroDebian.
A few final thoughts: First, I've had terrible troubles before with left/right image flipping and shifting centerpoints when changing from one software package to another (and that's not even thinking about changing from one atlas to another). Trying to make packages that have different standard spaces play nicely together strikes me as very non-trivial (I don't mean code-wise, I mean keeping track of alignment). Second, would there be a benefit to using Nipype if the pipeline only includes one program (e.g. why Nipype instead of spm8 batching)? It seems in this case it might just be adding extra complication: the need to learn the program options, plus the Nipype code.
So will I recommend we try Nipype right now? No. But I'll keep an eye on it and am certainly willing to revise my opinion.
Gorgolewski K, Burns CD, Madison C, Clark D, Halchenko YO, Waskom ML, & Ghosh SS (2011). Nipype: a flexible, lightweight and extensible neuroimaging data processing framework in python. Frontiers in neuroinformatics, 5 PMID: 21897815