Actually, most Python I write (influence from reading experienced programmers) tends to the last one, although it's semi-jokingly:

    def fizzbuzz(n):
        return 'FizzBuzz' if n % 3 == 0 and n % 5 == 0 else None

    def fizz(n):
        return 'Fizz' if n % 3 == 0 else None

    def buzz(n):
        return 'Buzz' if n % 5 == 0 else None

    def fizz_andor_maybenot_buzz(n):
        print fizzbuzz(n) or fizz(n) or buzz(n) or str(n)

    map(fizz_andor_maybenot_buzz, xrange(1, 101))

It's pleasing to use HFOs in Python, as long as you don't abuse lambdas. Also, some functional types like `defaultdict` can be used to describe code/business logic with datastructures rather than a bunch of if's, keeping things tidy.