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Hi Boris,

You didn't say in your comment what was wrong with my 
suggestion (setting record.exc_text to None in your 
formatter subclass).

I take your point, and understand your labeledCache 
suggestion, and will look at implementing something 
equivalent when time permits. However, other scenarios need 
to be considered, such as sending LogRecords over the wire. 
In this scenario (not uncommon in multi-process 
environments), the present implementation could send the 
formatted stack trace, as it is pickled in the LogRecord; 
implementing a cache in the Formatter will not allow the 
stack trace to be sent to be logged elsewhwere.