The standard lib’s very own HTMLParser has an undocumented function unescape() which does exactly what you think it does:
up to Python 3.4:
import HTMLParser
h = HTMLParser.HTMLParser()
h.unescape('© 2010') # u'\xa9 2010'
h.unescape('© 2010') # u'\xa9 2010'
Python 3.4+:
import html
html.unescape('© 2010') # u'\xa9 2010'
html.unescape('© 2010') # u'\xa9 2010'