Django uses real Python files for settings, Trac uses a .ini file, and some other pieces of software uses XML files to hold this information.
Are one of these approa
For web applications I like using OS environment variables: os.environ.get('CONFIG_OPTION')
This works especially well for settings that vary between deploys. You can read more about the rationale behind using env vars here: http://www.12factor.net/config
Of course, this only works for read-only values because changes to the environment are usually not persistent. But if you don't need write access they are a very good solution.