The Python bytecode is inefficient: the compiler generates useless and redundant instructions, dead code and only implement basic optimizations. We can do better! I will present two projects trying to generate better bytecode.

astoptimizer optimizes the abstract syntax tree (AST) of a Python program. It tries to do as much work as possible at compile time. It is able to call builtin functions with immutables arguments, simplifies expressions, optimizes loops, iterators and generators, fold constants and removes dead code. https://bitbucket.org/haypo/astoptimizer

registervm is a fork of Python 3.4 rewriting its evaluation loop to support new instructions using registers instead of a stack. Bytecode using registers is shorter (less instruction) and using registers allows new optimizations. For example, it is much easier to move constants out of loops. registervm removes useless instructions like LOADNAME following STORENAME, and useless jumps. Duplicated constant loads are also removed. http://hg.python.org/sandbox/registervm