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The patch looks good, but is surely incomplete: there should
be patches to the documentation, in particular to the man page.

It might be also desirable to parallel this option with an
environment variable, and/or to expose it writable through
the sys module.

With the environment variable, people could run Python
scripts that won't create .pyc files (as #! /usr/bin/env
python does not allow for further command line options).
With the API, certain applications could declare that they
never want to write .pyc files as they expect to run in
parallel with itself, and might cause .pyc conflicts.