When dealing with files it would be nice to avoid an extra block. This is not the same as the __exit__ method because you would have to write a function to just catch an error.
BTW, why not "with...except.."? Just like "for" and "while" loops have "else" clauses.

with open('foo') as f:

print(f.read())

except IOError:

print('Problem with the file!')

--
João Bernardo