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I just noticed two more minor errors that were and remain in "It takes a format string, and an arbitrary set of positional and keyword argument." Remove the comma and make 'argument' plural.
As near as I can tell, the two change block beginning with 
+In less formal terms,
+keyword. If it's a number,
are strictly re-wrapping and no text changes. Correct?
Francisco - News entries are usually entered at the top of the section, just under the heading. But they are a bit tricky for multi-version patches because the context following is often different for different version. I have not decided which is easier -- resolving a merge conflict with a 3-way merge tool or separately editing Misc/NEWS for each version.
Eric, I near as I can tell, and given Nick's last response, this will be ready to commit with the two minor text changes and movement of the NEWS entry. Francisco is already in Misc/ACKS.