Elegant way to remove items from sequence in Python?

When I am writing code in Python, I often need to remove items from a list or other sequence type based on some criteria. I haven't found a solution that is elegant and efficient, as removing items from a list you are currently iterating through is bad. For example, you can't do this:

for name in names:
    if name[-5:] == 'Smith':
        names.remove(name)

I usually end up doing something like this:

toremove = []
for name in names:
    if name[-5:] == 'Smith':
        toremove.append(name)
for name in toremove:
    names.remove(name)
del toremove

This is innefficient, fairly ugly and possibly buggy (how does it handle multiple 'John Smith' entries?). Does anyone have a more elegant solution, or at least a more efficient one?

How about one that works with dictionaries?