Use a dictionary comprehension.
if you need a copy use iteritems()
>>> {k:v for k, v in myDict.iteritems() if v!=42}
{8: 14, 1: 'egg'}
if you don't need a copy of your dictionary you can use viewitems()
>>> {k:v for k, v in myDict.viewitems() if v!=42}
{8: 14, 1: 'egg'}