Grouping (this is what non-comparison operators do):
a + b + c means (a + b) + c
Chaining (this is what comparison operators do):
a < b < c means (a < b) and (b < c)
Grouping left to right (this is the way things are grouped):
5 - 2 - 1 means (5 - 2) - 1 == 2
as opposed to grouping right to left (this would produce a different result):
5 - (2 - 1) == 4
Chaining left to right
Chaining is left to right, so in a < b < c, the expression a < b is evaluated before b < c, and if a < b is falsey, b < c is not evaluated.
(2 < 1 < f()) gives the value False without calling the function f, because 2 < 1 evaluates to false, so the second comparison does not need to be performed.
f() > 1 > g() calls f() in order to evaluate the first comparison, and depending on the result, it might or might not need to evaluate the second condition, which requires calling g().
NB. Each operand is evaluated at most once. So in the expression 1 < f() < 2, the function f() is only called once, and the value it gives is used in both comparisons (if necessary).