J.F. Sebastian's answer is most elegant but requires python 2.6 as fortran pointed out.
For Python version < 2.6, here's the best I can come up with:
from itertools import repeat,ifilter,chain
chain(ifilter(predicate,seq),repeat(None)).next()
Alternatively if you needed a list later (list handles the StopIteration), or you needed more than just the first but still not all, you can do it with islice:
from itertools import islice,ifilter
list(islice(ifilter(predicate,seq),1))
UPDATE: Although I am personally using a predefined function called first() that catches a StopIteration and returns None, Here's a possible improvement over the above example: avoid using filter / ifilter:
from itertools import islice,chain
chain((x for x in seq if predicate(x)),repeat(None)).next()