The code...
options.get(something, doThisMostOfTheTime)()
...looks like it ought to be faster, but it's actually slower than the if ... elif ... else construct, because it has to call a function, which can be a significant performance overhead in a tight loop.
Consider these examples...
1.py
something = 'something'
for i in xrange(1000000):
    if something == 'this':
        the_thing = 1
    elif something == 'that':
        the_thing = 2
    elif something == 'there':
        the_thing = 3
    else:
        the_thing = 4
2.py
something = 'something'
options = {'this': 1, 'that': 2, 'there': 3}
for i in xrange(1000000):
    the_thing = options.get(something, 4)
3.py
something = 'something'
options = {'this': 1, 'that': 2, 'there': 3}
for i in xrange(1000000):
    if something in options:
        the_thing = options[something]
    else:
        the_thing = 4
4.py
from collections import defaultdict
something = 'something'
options = defaultdict(lambda: 4, {'this': 1, 'that': 2, 'there': 3})
for i in xrange(1000000):
    the_thing = options[something]
...and note the amount of CPU time they use...
1.py: 160ms
2.py: 170ms
3.py: 110ms
4.py: 100ms
...using the user time from time(1).
Option #4 does have the additional memory overhead of adding a new item for every distinct key miss, so if you're expecting an unbounded number of distinct key misses, I'd go with option #3, which is still a significant improvement on the original construct.