sets — Unordered collections of unique elements

lists - ordered collections of elements

sets allows you to do operations such as intersection, union, difference, and symmetric difference, i.e operations of math's set theory. Sets doesn't allow indexing and are implemented on hash tables.

lists are really variable-length arrays, not Lisp-style linked lists. In lists the elements are accessed by indices.

Lists are slightly faster than sets when you just want to iterate over the values.

Sets, however, are significantly faster than lists if you want to check if an item is contained within it. They can only contain unique items though.

It turns out tuples perform in almost exactly the same way as lists, except for their immutability.

Iterating

>>> def iter_test(iterable):
...     for i in iterable:
...         pass
...
>>> from timeit import timeit
>>> timeit(
...     "iter_test(iterable)",
...     setup="from __main__ import iter_test; iterable = set(range(10000))",
...     number=100000)
12.666952133178711
>>> timeit(
...     "iter_test(iterable)",
...     setup="from __main__ import iter_test; iterable = list(range(10000))",
...     number=100000)
9.917098999023438
>>> timeit(
...     "iter_test(iterable)",
...     setup="from __main__ import iter_test; iterable = tuple(range(10000))",
...     number=100000)
9.865639209747314

Determine if an object is present

>>> def in_test(iterable):
...     for i in range(1000):
...         if i in iterable:
...             pass
...
>>> from timeit import timeit
>>> timeit(
...     "in_test(iterable)",
...     setup="from __main__ import in_test; iterable = set(range(1000))",
...     number=10000)
0.5591847896575928
>>> timeit(
...     "in_test(iterable)",
...     setup="from __main__ import in_test; iterable = list(range(1000))",
...     number=10000)
50.18339991569519
>>> timeit(
...     "in_test(iterable)",
...     setup="from __main__ import in_test; iterable = tuple(range(1000))",
...     number=10000)
51.597304821014404