The purpose of my question is to strengthen my knowledge base with Python and get a better picture of it, which includes knowing its faults and surprises. To keep things specific, I'm only interested in the CPython interpreter.
I'm looking for something similar to what learned from my PHP landmines question where some of the answers were well known to me but a couple were borderline horrifying.
Update: Apparently one maybe two people are upset that I asked a question that's already partially answered outside of Stack Overflow. As some sort of compromise here's the URL http://www.ferg.org/projects/python_gotchas.html
Note that one or two answers here already are original from what was written on the site referenced above.