An example of Python's way of doing "ternary" expressions:
i = 5 if a > 7 else 0
translates into
if a > 7:
i = 5
else:
i = 0
This actually comes in handy when using list comprehensions, or sometimes in return statements, otherwise I'm not sure it helps that much in creating readable code.
The readability issue was discussed at length in this recent SO question better way than using if-else statement in python.
It also contains various other clever (and somewhat obfuscated) ways to accomplish the same task. It's worth a read just based on those posts.