numbers = [23.23, 0.1233, 1.0, 4.223, 9887.2]                                                                                                                                                   
                                                                                                                                                                                                
for x in numbers:                                                                                                                                                                               
    print("{:10.4f}".format(x)) 

prints

   23.2300
    0.1233
    1.0000
    4.2230
 9887.2000

The format specifier inside the curly braces follows the Python format string syntax. Specifically, in this case, it consists of the following parts:

• The empty string before the colon means "take the next provided argument to format()" – in this case the x as the only argument.
• The 10.4f part after the colon is the format specification.
• The f denotes fixed-point notation.
• The 10 is the total width of the field being printed, lefted-padded by spaces.
• The 4 is the number of digits after the decimal point.

Yes, but you have to pass them in as arguments to format, and then refer to them wrapped in {} like you would the argument name itself:

print('\n{:^{display_width}}'.format('some text here', display_width=display_width))

Or shorter but a little less explicit:

print('\n{:^{}}'.format('some text here', display_width))

Since this question was originally posted, Python 3.6 has added f-strings, which allow you to do this without using the format method and it uses variables which are in scope rather than having to pass in the named variables as keyword arguments:

display_width = 50
text = 'some text here'
print(f'\n{text:^{display_width}}')