>>> a = 'b'
>>> [].index(a)
Traceback (most recent call last):
  File "<stdin>", line 1, in <module>
ValueError: list.index(x): x not in list

This is suboptimal. IMO it would be much more useful if the ValueError
reported the actual value that wasn't in the list, like this:

Traceback (most recent call last):
  File "<stdin>", line 1, in <module>
ValueError: list.index('b'): 'b' not in list

The error in general doesn't really seem to fit in, repeating the code
but with a fake variable name in it. In real contexts, it's mostly just
repeating what's there on a previous line:

 File "/home/watt/src/dawkins/ttlib.py", line 86, in shift
   bits.append(SHIFTS.index(rest.split('_')[0]))
 ValueError: list.index(x): x not in list

So maybe just make it "'b' not in list"? Or do we really need a
reference to the index() method in there?

FWIW, quickly grepping through the raises of ValueErrors in the 2.6
stdlib doesn't bring up any other usage of repeat-with-fake-variable-x.

How's "object is not in list"?

I want the actual value in there, though! So I can spot the bug.

r76058 should do the trick.