At Google we use the following rule (from http://google-styleguide.googlecode.com/svn/trunk/pyguide.html#Indentation):

Yes:  # Aligned with opening delimiter
      foo = long_function_name(var_one, var_two,
                               var_three, var_four)

      # 4-space hanging indent; nothing on first line
      foo = long_function_name(
          var_one, var_two, var_three,
          var_four)

No:   # Stuff on first line forbidden
      foo = long_function_name(var_one, var_two,
          var_three, var_four)

      # 2-space hanging indent forbidden
      foo = long_function_name(
        var_one, var_two, var_three,
        var_four)

I propose we somehow incorporate these two allowed alternatives into PEP 8. They both serve a purpose.

--
--Guido van Rossum (python.org/~guido)