I would treat this variable more of as a constant and less so as a setting. I do agree there are some other "setting" variables though:

* `LIBCLOUD_DEBUG`
* `SSL_CERT_FILE`
* `VERIFY_CERT`

Currently those values can be set either by changing the module variable value or through environment variables. 

I can see value in unifying all the settings and moving them in a single file / module, but I don't want to make everything more complex as necessary and require initialization phase, etc.

I would assume that with `libcloud.settings` you mean Django like settings?