Lisp had a nice idiom that Randal Schwartz translated in to Perl 5 in 1994 which became known as the Schwartzian Transform: http://en.wikipedia.org/wiki/Schwartzian_Transform
It seems from the comments here that Python's key and cmp args are Python's equivalent to the ST. I'm surprised by the comment that Python 3 removed cmp. Perhaps that's a temporary omission.
This HN is about an advent article for Perl 6, which covers the same territory. Based on a look at the Rakudo code, it only implements a single custom sort closure (equivalent to Python's cmp) OR a single key closure (equivalent to Python's key).
Guido and company insist that you can (almost?) always find a way supplying a key function. For better or worse, they decided it was the best way, and going by the Python philosophy they removed anything that isn't the one obvious right way to do it. Perhaps it's available in a library somehow, that's what they did to other things that are unnecessary or useful 99% of the time but may still be 1% of the time.
Similarly, Guido once almost removed lambda, but he faced an insurrection.
