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What does this add over the (currently builtin) reduce?  

reduce(func, iter, initial)

and

reduce(func, reversed(iter), initial)

Is it just that foldr and foldl are more modern names?  
If so, it might be better to submit a documentation patch.  
The functional module should mention reduce, and the reduce 
documenation (library reference/Built-in Objects/Built-in 
Functions) could be clarified.  

Maybe even show how to create foldr and foldl as an example, 
for reduce so that the terms can be picked up by indexers.