Yup.

    Python 2.6.5 (r265:79063, Oct  1 2012, 22:04:36)
    [GCC 4.4.3] on linux2
    Type "help", "copyright", "credits" or "license" for more information.
    >>> "{boo} foo {bar}".format(bar="baz", boo="bally")
    'bally foo baz'
    >>>