s = ""
for x in range(100):
s += str(x)
print s
If s is a sequence of characters, then for each iteration of the loop s needs to be reallocated to encompass the appended str(x) characters.If s is an abstract string, then the += operation can be implemented as just adding a reference to the string to eventually be appended. Then when the print operation occurs, the whole string can be materialized in one go so that it can be printed.
Another, and more philosophical argument against string as a sequence of characters is that a string is no more a sequence of characters, than it is a sequence of symbols or a sequence of words or a sequence of sentences.