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If I remove the value == 'None' check, there are two failures in the test suite:
1. test_decimal fails, but only because the test was changed in revision 5f3dd0a2b1ab to accommodate the very bug I am complaining about. IMO this was a case of "fixing" the test instead of fixing the bug, so it is okay to restore the test.
2. The following test, added in revision ecaafc32c500:
def test_without_exception(self):
 err = traceback.format_exception_only(None, None)
 self.assertEqual(err, ['None\n'])
It was apparently added so that print_exc() would output "None" when called with no exception set. This is the case for Python 2. However in the Python 3 versions I have tried, print_exc() either raises AttributeError or prints "NoneType". In any case, the test does not seem to be testing anything valid according to the documentation, so I propose to remove it.