(update)
Either use FS monitors tools
Or a single sleep usage (which I would you consider as much more elegant).
import time
def follow(thefile):
thefile.seek(0,2) # Go to the end of the file
while True:
line = thefile.readline()
if not line:
time.sleep(0.1) # Sleep briefly
continue
yield line
logfile = open("access-log")
loglines = follow(logfile)
for line in loglines:
print line