I was just discussing this with a few people at the sage days at ICERM and 
it seems that LaurentPolynomials are horribly broken. Consider the 
following in 5.6:

sage: q in R
True
sage: q^-1 in R
True
sage: 1/q in R 
False
sage: ~q in R
False
sage: 1/q==q^-1
True
sage: 1/q is q^-1
False
sage: (1/q).parent()
Fraction Field of Univariate Laurent Polynomial Ring in q over Rational 
Field
sage: (q^-1).parent()
Univariate Laurent Polynomial Ring in q over Rational Field
sage: q^2/q
q^2/q
sage: q^2/q in R
False

If we try and work in Z[q,q^-1], my favourite ring, it gets worse:

sage: R.<q>=LaurentPolynomialRing(ZZ,'q')
sage: (1/q).parent()
Fraction Field of Univariate Laurent Polynomial Ring in q over Integer Ring
sage: (q^-1).parent()
Univariate Laurent Polynomial Ring in q over Integer Ring
sage: q^-1 in R
True
sage: 1/q in R
ERROR: An unexpected error occurred while tokenizing input
...
ArithmeticError: unable to reduce because lack of gcd or quo_rem algorithm

In general, even basic arithmetic seems hazardous in this ring.

At last some of this seems to be addressed in 
http://trac.sagemath.org/sage_trac/ticket/11726. Does anyone know what the 
status of this is?

Cheers,
Andrew

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