Python has a flag -O that you can execute the interpreter with. The option will generate "optimized" bytecode (written to .pyo files), and given twice, it will discard docstrings. From Python's man page:

-O Turn on basic optimizations.  This changes the  filename  extension 
  for  compiled  (bytecode)  files from .pyc to .pyo.  Given twice,
  causes docstrings to be discarded.

This option's two major features as I see it are:

Strip all assert statements. This trades defense against corrupt program state for speed. But don't you need a ton of assert statements for this to make a difference? Do you have any code where this is worthwhile (and sane?)
Strip all docstrings. In what application is the memory usage so critical, that this is a win? Why not push everything into modules written in C?

What is the use of this option?
Does it have a real-world value?
You've pretty much figured it out: It does practically nothing at all. You're almost never going to see speed or memory gains, unless you're severely hurting for RAM.
What is the use of Python's basic optimizations mode? (python -O)