Here is another solution:
This decorator (a decorator factory in fact) allow you to give a reason message. It is also more useful to help the developer to diagnose the problem by giving the source filename and line number.
EDIT: This code use Zero's recommendation: it replace warnings.warn_explicit line by warnings.warn(msg, category=DeprecationWarning, stacklevel=2),
which prints the function call site rather than the function definition site. It makes debugging easier.
EDIT2: This version allow the developper to specify an optional "reason" message.
import functools
import inspect
import warnings
string_types = (type(b''), type(u''))
def deprecated(reason):
    """
    This is a decorator which can be used to mark functions
    as deprecated. It will result in a warning being emitted
    when the function is used.
    """
    if isinstance(reason, string_types):
        # The @deprecated is used with a 'reason'.
        #
        # .. code-block:: python
        #
        #    @deprecated("please, use another function")
        #    def old_function(x, y):
        #      pass
        def decorator(func1):
            if inspect.isclass(func1):
                fmt1 = "Call to deprecated class {name} ({reason})."
            else:
                fmt1 = "Call to deprecated function {name} ({reason})."
            @functools.wraps(func1)
            def new_func1(*args, **kwargs):
                warnings.simplefilter('always', DeprecationWarning)
                warnings.warn(
                    fmt1.format(name=func1.__name__, reason=reason),
                    category=DeprecationWarning,
                    stacklevel=2
                )
                warnings.simplefilter('default', DeprecationWarning)
                return func1(*args, **kwargs)
            return new_func1
        return decorator
    elif inspect.isclass(reason) or inspect.isfunction(reason):
        # The @deprecated is used without any 'reason'.
        #
        # .. code-block:: python
        #
        #    @deprecated
        #    def old_function(x, y):
        #      pass
        func2 = reason
        if inspect.isclass(func2):
            fmt2 = "Call to deprecated class {name}."
        else:
            fmt2 = "Call to deprecated function {name}."
        @functools.wraps(func2)
        def new_func2(*args, **kwargs):
            warnings.simplefilter('always', DeprecationWarning)
            warnings.warn(
                fmt2.format(name=func2.__name__),
                category=DeprecationWarning,
                stacklevel=2
            )
            warnings.simplefilter('default', DeprecationWarning)
            return func2(*args, **kwargs)
        return new_func2
    else:
        raise TypeError(repr(type(reason)))
You can use this decorator for functions, methods and classes.
Here is a simple example:
@deprecated("use another function")
def some_old_function(x, y):
    return x + y
class SomeClass(object):
    @deprecated("use another method")
    def some_old_method(self, x, y):
        return x + y
@deprecated("use another class")
class SomeOldClass(object):
    pass
some_old_function(5, 3)
SomeClass().some_old_method(8, 9)
SomeOldClass()
You'll get:
deprecated_example.py:59: DeprecationWarning: Call to deprecated function or method some_old_function (use another function).
  some_old_function(5, 3)
deprecated_example.py:60: DeprecationWarning: Call to deprecated function or method some_old_method (use another method).
  SomeClass().some_old_method(8, 9)
deprecated_example.py:61: DeprecationWarning: Call to deprecated class SomeOldClass (use another class).
  SomeOldClass()
EDIT3: This decorator is now part of the Deprecated library:
New stable release v1.2.13