Should you always favor xrange() over range()?

One other difference is that Python 2 implementation of xrange() can't support numbers bigger than C ints, so if you want to have a range using Python's built in large number support, you have to use range().

Python 2.7.3 (default, Jul 13 2012, 22:29:01) 
[GCC 4.7.1] on linux2
Type "help", "copyright", "credits" or "license" for more information.
>>> range(123456787676676767676676,123456787676676767676679)
[123456787676676767676676L, 123456787676676767676677L, 123456787676676767676678L]
>>> xrange(123456787676676767676676,123456787676676767676679)
Traceback (most recent call last):
  File "<stdin>", line 1, in <module>
OverflowError: Python int too large to convert to C long

Python 3 does not have this problem:

Python 3.2.3 (default, Jul 14 2012, 01:01:48) 
[GCC 4.7.1] on linux2
Type "help", "copyright", "credits" or "license" for more information.
>>> range(123456787676676767676676,123456787676676767676679)
range(123456787676676767676676, 123456787676676767676679)