but on the other hand it creates a completely useless list of integers just to loop over them. Isn’t it a waste of memory, especially as far as big numbers of iterations are concerned?
That is what xrange(n) is for. It avoids creating a list of numbers, and instead just provides an iterator object.
In Python 3, xrange() was renamed to range() – if you want a list, you have to specifically request it via list(range(n)).