Somebody wrote: """Python is smart enough. As long as the object you're iterating over has a __len__ or __length_hint__ method, Python will call it to determine the size and preallocate the array."""
As far as I can tell, there is no preallocation in a list comprehension. Python has no way of telling from the size of the INPUT what the size of the OUTPUT will be.
Look at this Python 2.6 code:
>>> def foo(func, iterable):
...     return [func(i) for i in iterable]
...
>>> import dis; dis.dis(foo)
  2           0 BUILD_LIST               0 #### build empty list
              3 DUP_TOP
              4 STORE_FAST               2 (_[1])
              7 LOAD_FAST                1 (iterable)
             10 GET_ITER
        >>   11 FOR_ITER                19 (to 33)
             14 STORE_FAST               3 (i)
             17 LOAD_FAST                2 (_[1])
             20 LOAD_FAST                0 (func)
             23 LOAD_FAST                3 (i)
             26 CALL_FUNCTION            1
             29 LIST_APPEND      #### stack[-2].append(stack[-1]); pop()
             30 JUMP_ABSOLUTE           11
        >>   33 DELETE_FAST              2 (_[1])
             36 RETURN_VALUE
It just builds an empty list, and appends whatever the iteration delivers.
Now look at this code, which has an 'if' in the list comprehension:
>>> def bar(func, iterable):
...     return [func(i) for i in iterable if i]
...
>>> import dis; dis.dis(bar)
  2           0 BUILD_LIST               0
              3 DUP_TOP
              4 STORE_FAST               2 (_[1])
              7 LOAD_FAST                1 (iterable)
             10 GET_ITER
        >>   11 FOR_ITER                30 (to 44)
             14 STORE_FAST               3 (i)
             17 LOAD_FAST                3 (i)
             20 JUMP_IF_FALSE           17 (to 40)
             23 POP_TOP
             24 LOAD_FAST                2 (_[1])
             27 LOAD_FAST                0 (func)
             30 LOAD_FAST                3 (i)
             33 CALL_FUNCTION            1
             36 LIST_APPEND
             37 JUMP_ABSOLUTE           11
        >>   40 POP_TOP
             41 JUMP_ABSOLUTE           11
        >>   44 DELETE_FAST              2 (_[1])
             47 RETURN_VALUE
>>>
The same code, plus some code to avoid the LIST_APPEND.
In Python 3.X, you need to dig a little deeper:
>>> import dis
>>> def comprehension(f, iterable): return [f(i) for i in iterable]
...
>>> dis.dis(comprehension)
  1           0 LOAD_CLOSURE             0 (f)
              3 BUILD_TUPLE              1
              6 LOAD_CONST               1 (<code object <listcomp> at 0x00C4B8D
8, file "<stdin>", line 1>)
              9 MAKE_CLOSURE             0
             12 LOAD_FAST                1 (iterable)
             15 GET_ITER
             16 CALL_FUNCTION            1
             19 RETURN_VALUE
>>> dis.dis(comprehension.__code__.co_consts[1])
  1           0 BUILD_LIST               0
              3 LOAD_FAST                0 (.0)
        >>    6 FOR_ITER                18 (to 27)
              9 STORE_FAST               1 (i)
             12 LOAD_DEREF               0 (f)
             15 LOAD_FAST                1 (i)
             18 CALL_FUNCTION            1
             21 LIST_APPEND              2
             24 JUMP_ABSOLUTE            6
        >>   27 RETURN_VALUE
>>>
It's the same old schtick: start off with building an empty list, then iterate over the iterable, appending to the list as required. I see no preallocation here.
The optimisation that you are thinking about is used inside a single opcode e.g.  the implementation of list.extend(iterable) can preallocate if iterable can accurately report its length. list.append(object) is given a single object, not an iterable.