FooIsBar doesn't need to be a subclass of X, does it? The polymorphism comes from the interface (implements `quux`), so inheritance doesn't seem relevant.
Feel free to correct me if I'm wrong. Still trying to learn the difference between inheritance and "evil" inheritance :)
Python doesn't have traits/roles, so it's hard to give a good example. You should build classes by composing them from smaller pieces of classes. There are two good ways to do this; delegation and role-based composition. Delegation is where you pass the constructor of your class an instance of another class, and your "foo" method becomes an alias to that instance's foo method. This allows you to do the same interfaces/roles as the object you're "wrapping", but still lets you customize the behavior of each method call you choose to delegate. (The Law of Demeter protects you from other callers touching the non-delegated methods.)
Roles let you implement pieces of classes without being a full class yourself. A classic example is a "Comparable" role, that requires the consumer to implement a "cmp" function, and then provides lt, gt, and eq implemented in terms of "cmp". You mix this into your class that does cmp, and now it gets lt, gt, and eq for free. You also get the security of knowing that you're calling the right method; duck typing will treat a tree's bark and a dog's bark as the same actions, while roles will let you determine whether you have an object with a wooden outer layer, or an object that can talk like a dog.
Python's philosophy doesn't seem to push delegation or composition, so we use inheritance in the above example to stick with Python programmer's expectations. Just beware of invoking the wrong type of bark; duck typing is flexible, but it ain't safe.
Feel free to correct me if I'm wrong. Still trying to learn the difference between inheritance and "evil" inheritance :)