efficiency of long (str) keys in python dictionary

No, Python string length hardly has an impact on dictionary performance. The only influence the string length could have is on the hash() function used map the key to a hash table slot.

String length has very little impact on the performance of hash():

>>> import random
>>> from timeit import timeit
>>> from string import ascii_letters
>>> generate_text = lambda len: ''.join([random.choice(ascii_letters) for _ in xrange(len)])
>>> for i in range(8):
...     length = 10 + 10 ** i
...     testword = generate_text(length)
...     timing = timeit('hash(t)', 'from __main__ import testword as t')
...     print 'Length: {}, timing: {}'.format(length, timing)
... 
Length: 11, timing: 0.061537027359
Length: 20, timing: 0.0796310901642
Length: 110, timing: 0.0631730556488
Length: 1010, timing: 0.0606122016907
Length: 10010, timing: 0.0613977909088
Length: 100010, timing: 0.0607581138611
Length: 1000010, timing: 0.0672461986542
Length: 10000010, timing: 0.080118894577

I stopped at generating a string of 10 million characters, because I couldn't be bothered waiting for my laptop to generate a 100 million character string.

The timings are pretty much constant, because the value is actually cached on the string object once computed.

The performance of hash() is indeed O(n) for strings, but the result is cached in the string - repeated calls will use the cached value. This is possible because strings are immutable. Martijn's code uses the repeating feature of timeit so you cannot see this effect because in the last case, 10000009 times out of 10000010 the hash code is not calculated.

It still is O(n) underneath:

import random
from timeit import timeit

for i in range(10):
    length = 10 ** i
    # notice number=1 !!!
    timing = timeit('hash(t)', 't = "a" * {}'.format(length), number=1)
    print('Length: {:10d}, timing: {:.20f}'.format(length, timing))

Length:          1, timing: 0.00000437500057159923
Length:         10, timing: 0.00000287900184048340
Length:        100, timing: 0.00000342299972544424
Length:       1000, timing: 0.00000459299917565659
Length:      10000, timing: 0.00002153400055249222
Length:     100000, timing: 0.00006719700104440562
Length:    1000000, timing: 0.00066680999952950515
Length:   10000000, timing: 0.00673243699930026196
Length:  100000000, timing: 0.04393487600100343116
Length: 1000000000, timing: 0.39340837700001429766

The difference is due to timing errors, branch prediction and alike.