I think you still have to roll your own.
Here's a start:
def ireadlines(f, s='\n', bs=4096):
if not s: raise ValueError, "separator must not be empty"
r = []
while 1:
b = f.read(bs)
if not b: break
ofs = 0
while 1:
next = b.find(s, ofs)
if next == -1: break
next += len(s)
yield ''.join(r) + b[ofs:next]
del r[:]
ofs = next
r.append(b[ofs:])
yield ''.join(r)
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