multithreaded python on the micro?

[charonme]

I'm writing a multithreaded python app (no video output) that I thought I would run on raspberry pi until I came across the iMX233 OLinuXino Micro. Can the micro board run multiple threads in python (or at leas emulate them)?
What latency times can I expect between USB input, some python processing and GPIO output?

[olimex]

if you send me the code I can check