[o_pax]

Python has its version of the ternary operator as well. It may look unusual due to the different order of the operands, but it works quite nicely, in my opinion:

  x = (-1 if a < b else
       1  if a > b else
       0)

This emphasizes the possible values that x may be assigned to.

[c22]

I agree, the ternary style is better for this sort of variable assignment situation. Usually if I am using the above pattern I am calling different functions as the result of the conditionals.