I've mentioned this in a couple other threads, but I thought I would make a more general announcement.
The Timer class can now be used for PWM, Output Compare (OC) and Input Capture (IC).
The docs on micropython.org are mostly up-to-date now (look at Timer and TimerChannel)
I also put together a few examples, and posted them on the wiki.
If you have any questions feel free to ask.
The pulse_width_ratio function has been replaced by a pulse_width_percent function, but the docs haven't caught up yet (I expect they'll probably be correct tomorrow).