OverviewEntity-Attribute-Value is a fairly simple design pattern for modeling attributes generically such that models and forms can be extended, customized and even queried against without programmer intervention.
For a more robust list of pros and cons of using such a model, please refer to the Wikipedia article.
The django-eav project is a modular, Django-powered application that leverages django.forms, django.db.models, django.contrib.contenttypes, etc. to provide an extensible Entity-Attribute-Value implementation that can be dropped into existing applications.
What it isA bottom-up implementation of the E-A-V design pattern on top of Django 1.x
What it is notAn attempt to abstract E-A-V design pattern for use on top of existing E-A-V schemas. This Django application installs its own schema which can be extended by other applications.