Not to counter your point, but I would like to quote from PEP8 here:

Additionally, for all try/except clauses, limit the try clause to the absolute minimum amount of code necessary. Again, this avoids masking bugs.

Yes:

    try:
        value = collection[key]
    except KeyError:
        return key_not_found(key)
    else:
        return handle_value(value)

No:

    try:
        # Too broad!
        return handle_value(collection[key])
    except KeyError:
        # Will also catch KeyError raised by handle_value()
        return key_not_found(key)