I started reading David Mertz's book today 'Text Processing in Python.' While he has a fairly terse description of Lambda's the examples in the first chapter combined with the explanation in Appendix A made them jump off the page for me (finally) and all of a sudden I understood their value. That is not to say his explanation will work for you and I am still at the discovery stage so I will not attempt to add to these responses other than the following:
I am new to Python
I am new to OOP
Lambdas were a struggle for me
Now that I read Mertz, I think I get them and I see them as very useful as I think they allow a cleaner approach to programming.
He reproduces the Zen of Python, one line of which is Simple is better than complex. As a non-OOP programmer reading code with lambdas (and until last week list comprehensions) I have thought-This is simple?. I finally realized today that actually these features make the code much more readable, and understandable than the alternative-which is invariably a loop of some sort. I also realized that like financial statements-Python was not designed for the novice user, rather it is designed for the user that wants to get educated. I can't believe how powerful this language is. When it dawned on me (finally) the purpose and value of lambdas I wanted to rip up about 30 programs and start over putting in lambdas where appropriate.