Comment #27 on issue 2225 by Vinzent.Steinberg: Enhancing Matrix Norm http://code.google.com/p/sympy/issues/detail?id=2225
After looking at the Wikipedia article I agree that Frobenius is a sane default. It is not really an approximation of the 2-norm, sorry for the confusion.
The nice thing about the 2-norm is that it is a lower bound to all other (induced) norms though.
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