Here is what the script looks like when run through sedsed(by Aurelio Jargas):
$ echo -e 'a\nb\nc\nd' | sed '$!N;$!D' PATT:^a$
PATT:^a$
COMM:$ !N
PATT:^a\Nb$
COMM:$ !D
PATT:^b$
COMM:$ !N
PATT:^b\Nc$
COMM:$ !D
PATT:^c$
COMM:$ !N
PATT:^c\Nd$
COMM:$ !D
PATT:^c\Nd$
c
d
, ( "HOLD" ), . "PATT" , "COMM" , . "\n" . , "^" "$" .
!N , !D script, . , $! , , script , ( -n ).
: sedsed , , ^ Python 3. ( hasn ) .