Here's the doc: https://docs.python.org/2/reference/expressions.html#is

It would be great if this line:
"The operators is and is not test for object identity: x is y is true if and only if x and y are the same object. x is not y yields the inverse truth value.[7]"

Could link to the id() builtin doc:
https://docs.python.org/2/library/functions.html#id

One way to rephrase this could be:
"The operators is and is not test for object identity: x is y is true if and only if x and y are the same object or id(x) == id(y). x is not y yields the inverse truth value.[7]"

And, the id's can be hyperlinks.

It would also be nice if that reference linked to a page on integer caching in Python.

There is not 'integer caching in Python'.  This is strictly an implementation feature of CPython, and any other implementation that does similarly.

"or id(x) == id(y)" should be "(id(x) == id(y))" as the addition is an alternate wording, not an alternate condition.  I am not sure that this will always be helpful.

Please don’t use nested brackets like that in English text. Try to rewrite the sentence without brackets (e.g. use a comma or say “This is equivalent to”) [or use a different kind of bracket if you really must (to make the nesting clearer)].

I agree with the OP that is would be useful to link to id().  I also concur with Terry that integer caching is to remain an undocumented implementation specific detail (just an optimization).  Also, Martin is correct that the proposed wording doesn't read well.

Attached patch for master branch.

The attached patch applies to 3.5, but not 2.7. If you're happy with it, I can work up a version for 2.7 as well.

New changeset f38b831cb6b9 by Raymond Hettinger in branch '3.5':
Issue #26511:  Reference the id() function in the 'is' and 'is not' docs
https://hg.python.org/cpython/rev/f38b831cb6b9

Thanks for the patch.  Not need to go back to 2.7.  This is really minor.