As of Python 3.5, % formatting will work for bytes, too!
This was part of PEP 461, authored by Ethan Furman:
PEP: 461 Title: Adding % formatting to bytes and bytearray Version: $Revision$ Last-Modified: $Date$ Author: Ethan Furman <ethan at stoneleaf.us> Status: Draft Type: Standards Track Content-Type: text/x-rst Created: 2014-01-13 Python-Version: 3.5 Post-History: 2014-01-14, 2014-01-15, 2014-01-17, 2014-02-22, 2014-03-25, 2014-03-27 Resolution: Abstract ======== This PEP proposes adding % formatting operations similar to Python 2's ``str`` type to ``bytes`` and ``bytearray`` [1]_ [2]_. Rationale ========= While interpolation is usually thought of as a string operation, there are cases where interpolation on ``bytes`` or ``bytearrays`` make sense, and the work needed to make up for this missing functionality detracts from the overall readability of the code. Motivation ========== With Python 3 and the split between ``str`` and ``bytes``, one small but important area of programming became slightly more difficult, and much more painful -- wire format protocols [3]_. This area of programming is characterized by a mixture of binary data and ASCII compatible segments of text (aka ASCII-encoded text). Bringing back a restricted %-interpolation for ``bytes`` and ``bytearray`` will aid both in writing new wire format code, and in porting Python 2 wire format code. Common use-cases include ``dbf`` and ``pdf`` file formats, ``email`` formats, and ``FTP`` and ``HTTP`` communications, among many others.
PEP 461 was accepted by Guido van Rossum on March 27, 2014:
Accepted. Congrats with marshalling yet another quite contentious discussion, and putting up with my last-minute block-headedness!
From this, we can obviously conclude that % is no longer scheduled for deprecation (as was announced with Python 3.1).