What is MATLAB good for? Why is it so used by universities? When is it better than Python?
Hold everything. When's the last time you programed your calculator to play tetris? Did you actually think you could write anything you want in those 128k of RAM? Likely not. MATLAB is not for programming unless you're dealing with huge matrices. It's the graphing calculator you whip out when you've got Megabytes to Gigabytes of data to crunch and/or plot. Learn just basic stuff, but also don't kill yourself trying to make Python be a graphing calculator.
You'll quickly get a feel for when you want to crunch, plot or explore in MATLAB and when you want to have all that Python offers. Lots of engineers turn to pre and post processing in Python or Perl. Occasionally even just calling out to MATLAB for the hard bits.
They are such completely different tools that you should learn their basic strengths first without trying to replace one with the other. Granted for saving money I'd either use Octave or skimp on ease and learn to work with sparse matrices in Perl or Python.
I've been recently asked to learn some MATLAB basics for a class.
What does make it so cool for researchers and people that works in university?
I saw it's cool to work with matrices and plotting things... (things that can be done easily in Python using some libraries).
Writing a function or parsing a file is just painful. I'm still at the start, what am I missing?
In the "real" world, what should I think to use it for? When should it can do better than Python? For better I mean: easy way to write something performing.

UPDATE 1: One of the things I'd like to know the most is "Am I missing something?" :D
UPDATE 2: Thank you for your answers. My question is not about buy or not to buy MATLAB. The university has the possibility to give me a copy of an old version of MATLAB (MATLAB 5 I guess) for free, without breaking the license. I'm interested in its capabilities and if it deserves a deeper study (I won't need anything more than basic MATLAB in oder to pass the exam :P ) it will really be better than Python for a specific kind of task in the real world.