I've just pushed python-argparse-1.2.1 to EPEL5 and EPEL6. This should be a backwards compatible change. It does, however, change licensing from Apache-2.0 to Python. Python license is more permissive than Apache license and is GPLv2 compatible (where Apache is not) so this shouldn't cause anyone problems. If you had a GPLv2+ program that had to be distributed as GPLv3+ because it used python-argparse on EPEL-5 and EPEL-6 you can re-evaluate the licensing situation now.
Note, this update isn't shipped in Fedora 14+ as argparse is part of python-2.7's stdlib. The stdlib is already licensed under the Python license so this is just making the licensing situation more consistent across our supported releases.
-Toshio