How to indent Python with VIM

Today I solved the problem of properly indenting my Python code with my favorite editor (Vim 7.2). I’ve had this issue for some time, because I had tuned Vim for writing in C/C++, which of course proves quite annoying when trying to write Python code (no braces darling!). Googling the issue I came up with the article¬†“Indenting Python with VIM”¬†which proves quite useful, but unfortunately did not work out of the box for me.