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In (for example) Python 2.6:
>>> float('1e500')
inf
>>> complex('1e500')
Traceback (most recent call last):
 File "<stdin>", line 1, in <module>
ValueError: float() out of range: 1e500
I'd say that one of these is a bug, but I'm not sure which one.
Ideally, float('1e500') would raise OverflowError (not ValueError). But 
it's quite likely that there are people who depend on the current 
behaviour, and the current behaviour also agrees with what happens for 
float literals:
>>> 1e500
inf
For 2.7 and 3.1, I propose fixing the complex constructor so that 
complex('1e500') produces (inf+0j). For 2.6 and 3.0, I propose leaving 
the current behaviour as it is.