The Python 3.4 docstring for range is:
{{{
 |  range(stop) -> range object
 |  range(start, stop[, step]) -> range object
 |
 |  Return a virtual sequence of numbers from start to stop by step.
}}}

In Python 2.7, it said:
{{{
    range(stop) -> list of integers
    range(start, stop[, step]) -> list of integers

    Return a list containing an arithmetic progression of integers.
    range(i, j) returns [i, i+1, i+2, ..., j-1]; start (!) defaults to 0.
    When step is given, it specifies the increment (or decrement).
    For example, range(4) returns [0, 1, 2, 3].  The end point is omitted!
    These are exactly the valid indices for a list of 4 elements.
}}}

Note that Python 3 seems to imply that the end-point is included, while Python 2 made clear that it was not.  "Arithmetic progression" is a bit involved, but it would be good to mention that the end-point is omitted in the Python 3 docstring.

> Note that Python 3 seems to imply that the end-point is included

The Python 2 wording is better in this regard.

Also, it would be nice clarify what is meant by "virtual sequence".  I know what that means only because I already know what range() does.  For someone who doesn't already know what it means, that phrase probably doesn't add any value.

(By the time I got to the source, the word "virtual" had been removed...)

Attached is a patch to make the help read:

 |  range(stop) -> range object
 |  range(start, stop[, step]) -> range object
 |
 |  Return an object that produces a sequence of integers from start (inclusive)
 |  to stop (exclusive) by step.  range(i, j) produces i, i+1, i+2, ..., j-1.
 |  start defaults to 0, and stop is omitted!  range(4) produces 0, 1, 2, 3.
 |  These are exactly the valid indices for a list of 4 elements.
 |  When step is given, it specifies the increment (or decrement).

New changeset aa6b73823685 by Benjamin Peterson in branch '3.4':
improved range docstring (closes #22785)
https://hg.python.org/cpython/rev/aa6b73823685

New changeset c031fa8e6884 by Benjamin Peterson in branch 'default':
merge 3.4 (#22785)
https://hg.python.org/cpython/rev/c031fa8e6884