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?
I have never encountered a good reason to use -O. I have always assumed its main purpose is in case at some point in the future some meaningful optimization is added.
What is the use of Python's basic optimizations mode? (python -O)