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Let's get this rolling again. First let's fix the docs for 3.2+ first. My current suggestion would be the following:
~~~
.. function:: makedirs(path, mode=0o777, exist_ok=False)
 .. index::
 single: directory; creating
 single: UNC paths; and os.makedirs()
 Recursive directory creation function. Like :func:`mkdir`, but makes all
 intermediate-level directories needed to contain the leaf directory.
 The default *mode* is ``0o777`` (octal). On some systems, *mode* is
 ignored. Where it is used, the current umask value is first masked out.
 If *exists_ok* is ``False`` (the default), an :exc:`OSError` is raised if
 the target directory already exists. If *exists_ok* is ``True`` an
 :exc:`OSError` is still raised if the umask-masked *mode* is different from
 the existing mode, on systems where the mode is used. :exc:`OSError` will
 also be raised if the directory creation fails.
 
 .. note::
 :func:`makedirs` will become confused if the path elements to create
 include :data:`pardir` (eg. ".." on UNIX systems).
 This function handles UNC paths correctly.
 .. versionadded:: 3.2
 The *exist_ok* parameter.
~~~
Opinions?