If all you're looking for is a thread-safe way to transfer objects between threads, then both would work (both for FIFO and LIFO). For FIFO:

• Queue.put() and Queue.get() are thread-safe
• Deques support thread-safe, memory efficient appends and pops from either side of the deque with approximately the same O(1) performance in either direction.

Note:

• Other operations on deque might not be thread safe, I'm not sure.
• deque does not block on pop() or popleft() so you can't base your consumer thread flow on blocking till a new item arrives.

However, it seems that deque has a significant efficiency advantage. Here are some benchmark results in seconds using CPython 2.7.3 for inserting and removing 100k items

deque 0.0747888759791
Queue 1.60079066852

Here's the benchmark code:

import time
import Queue
import collections

q = collections.deque()
t0 = time.clock()
for i in xrange(100000):
    q.append(1)
for i in xrange(100000):
    q.popleft()
print 'deque', time.clock() - t0

q = Queue.Queue(200000)
t0 = time.clock()
for i in xrange(100000):
    q.put(1)
for i in xrange(100000):
    q.get()
print 'Queue', time.clock() - t0