Hi Barry,

using this daily, didn't notice such a bug neither with Emacs-24... nor Emacs-23... .

The following script pdbtrack.py

#############

#! /usr/bin/env python
# -*- coding: utf-8 -*-

import pdb

pdb.set_trace()
news = "pdbtrack is broken python-mode.el, lp:857003"

print "news: %s " % news

#############

prints nicely:

(Pdb) s
> MY_PATH/pdbtrack.py(9)<module>()
-> print "news: %s " % news
(Pdb) p news
'pdbtrack is broken python-mode.el, lp:857003'
(Pdb) 



############


send you extract of M-x describe-mode below

Please send output from 

Emacs -Q, M-x report-emacs-bug

should you need further investigation.

Cheers,

Andreas

############

(Information about these minor modes follows the major mode info.)

Python mode defined in `python-mode.el':
Major mode for editing Python files.
To submit a problem report, enter `C-c C-b' from a
`python-mode' buffer.  Do `C-c ?' for detailed
documentation.  To see what version of `python-mode' you are running,
enter `C-c C-v'.

This mode knows about Python indentation, tokens, comments and
continuation lines.  Paragraphs are separated by blank lines only.

COMMANDS
key             binding
---             -------

C-c             Prefix Command
C-j             py-newline-and-indent
C-x             Prefix Command
ESC             Prefix Command
#               py-electric-comment
%               py-match-paren
:               py-electric-colon
s-TAB           ar-count-parentized-in-singlequoted-atpt
s-S             hs-show-all
s-f             ar-forward-python-expression-atpt
s-o             zu-indent
s-q             ar-python-expression-atpt
s-s             hs-hide-all
s-ß             py-expression-atpt
<C-backspace>   py-hungry-delete-backwards
<backspace>     py-electric-backspace
<delete>        py-electric-delete
<return>        py-newline-and-indent
<s-backspace>   ar-py-outdent-line

C-x n           Prefix Command

C-M-a           py-beginning-of-def-or-class
C-M-e           py-end-of-def-or-class
C-M-h           py-mark-def-or-class
C-M-x           py-execute-def-or-class
M-n             py-end-of-statement
M-p             py-beginning-of-statement

C-c C-a         py-mark-statement
C-c C-b         py-submit-bug-report
C-c C-c         py-execute-buffer
C-c C-d         py-pdbtrack-toggle-stack-tracking
C-c C-e         py-describe-symbol
C-c C-f         py-sort-imports
C-c C-k         py-mark-block-or-clause
C-c C-l         py-shift-left
C-c RET         py-execute-import-or-reload
C-c C-n         py-end-of-statement
C-c C-p         py-beginning-of-statement
C-c C-q         py-end-of-block
C-c C-r         py-shift-right
C-c C-s         py-execute-string
C-c C-t         py-toggle-shells
C-c C-u         py-beginning-of-block
C-c C-v         py-version
C-c C-w         py-pychecker-run
C-c !           py-shell
C-c #           py-comment-region
C-c -           py-up-exception
C-c /           py-indent-line-outmost
C-c :           py-guess-indent-offset
C-c <           py-shift-left
C-c =           py-down-exception
C-c >           py-shift-right
C-c ?           py-describe-mode
C-c c           py-compute-indentation
C-c p           druck
C-c |           py-execute-region
C-c <delete>    py-hungry-delete-forward
C-c <tab>       py-indent-region

C-x n d         py-narrow-to-defun


VARIABLES

py-indent-offset		indentation increment
py-block-comment-prefix		comment string used by `comment-region'
py-python-command		shell command to invoke Python interpreter
py-temp-directory		directory used for temp files (if needed)
py-beep-if-tab-change		ring the bell if `tab-width' is changed