Nick Coghlan added the comment:

Ramchandra, as it turns out, if we deem an optimization semantically safe, we 
do it without -O, it we deem it unsafe, we don't do it at all.

Thus, the real effect is to remove assert statements and optimise code as if 
"__debug__" was replaced by a literal zero (effectively).

So a more meaningful description would be:

-O
Removes assert statements and any code conditional on the value of __debug__. 
This changes the filename extension for compiled (bytecode) files from .pyc to 
.pyo. See also PYTHONOPTIMIZE.

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nosy: +ncoghlan

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<http://bugs.python.org/issue17232>
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