Wes, this won't work because a license is checked out when arcpy is imported which defaults to highest available (arcinfo if one is available, arceditor if not, or arcview if all else fails). You need to import arcview/arceditor/arcinfo before arcpy.
Like this:
import arceditor
import arcpy
print arcpy.ProductInfo()
ArcEditor
Not like this:
import arcpy
import arceditor
print arcpy.ProductInfo()
ArcInfo