You should know enough to avoid doing nested loops to find the intersection of two lists. Things like that come up on a regular basis for me, although I don't work at any tech giant.
intersection = ary1 & ary2Here's one where they are: In python, the in operator works on both lists and sets. For one, large numbers of elements will perform very quickly. For the other, it will perform very slowly. If a developer doesn't understand how they work, and where it's appropriate to use each, they can still do something completely terrible without even straying away from basic APIs.
Case in point, 10s of Googling produced this link: http://stackoverflow.com/questions/2831212/python-sets-vs-li... ...and I don't even use Python yet.
Is it helpful to understand? Definitely.