Pythonic way to combine two lists in an alternating fashion?

I have two lists, the first of which is guaranteed to contain exactly one more item than the second. I would like to know the most Pythonic way to create a new list whose even-index values come from the first list and whose odd-index values come from the second list.

# example inputs
list1 = ['f', 'o', 'o']
list2 = ['hello', 'world']

# desired output
['f', 'hello', 'o', 'world', 'o']

This works, but isn't pretty:

list3 = []
while True:
    try:
        list3.append(list1.pop(0))
        list3.append(list2.pop(0))
    except IndexError:
        break

How else can this be achieved? What's the most Pythonic approach?

Here's one way to do it by slicing:

>>> list1 = ['f', 'o', 'o']
>>> list2 = ['hello', 'world']
>>> result = [None]*(len(list1)+len(list2))
>>> result[::2] = list1
>>> result[1::2] = list2
>>> result
['f', 'hello', 'o', 'world', 'o']

There's a recipe for this in the itertools documentation:

from itertools import cycle, islice

def roundrobin(*iterables):
    "roundrobin('ABC', 'D', 'EF') --> A D E B F C"
    # Recipe credited to George Sakkis
    pending = len(iterables)
    nexts = cycle(iter(it).next for it in iterables)
    while pending:
        try:
            for next in nexts:
                yield next()
        except StopIteration:
            pending -= 1
            nexts = cycle(islice(nexts, pending))

EDIT:

For python's version greater than 3:

from itertools import cycle, islice

def roundrobin(*iterables):
    "roundrobin('ABC', 'D', 'EF') --> A D E B F C"
    # Recipe credited to George Sakkis
    pending = len(iterables)
    nexts = cycle(iter(it).__next__ for it in iterables)
    while pending:
        try:
            for next in nexts:
                yield next()
        except StopIteration:
            pending -= 1
            nexts = cycle(islice(nexts, pending))