Python: 'import *' vs execfile

In some of my Django apps I'm using a settings_local.py file to override settings that are different on various environments (e.g. development, test and production). I have originally used the following code to include its contents in the settings.py:

try:
    from settings_local import *
except ImportError:
    sys.stderr.write("The settings_local.py file is missing.\n")
    DEBUG=False

I have recently found the execfile function and switched to something like:

try:
    execfile(path.join(PROJECT_ROOT, "settings_local.py"))
except IOError:
    sys.stderr.write("The settings_local.py file is missing.\n"
    DEBUG=False

Both work as intended, but I'm curious whether I'm missing any gotchas, and in general which approach is more recommended and why.