This is how I do my debug, seems a little more compact :)

   DEBUG = socket.gethostname() != 'your.domain.com'

I'd also suggest you add

   ADMINS = (
       ('name', '[email protected]'),
   )

and

    # Email-settings
    SERVER_EMAIL = '[email protected]'
    if DEBUG:
      EMAIL_BACKEND = 'django.core.mail.backends.console.EmailBackend'
    else:
      EMAIL_HOST = 'localhost'
      EMAIL_BACKEND = 'django.core.mail.backends.smtp.EmailBackend'

So you get notified of any errors via e-mail when debug is off.