Update:
This feature is now part of the proplot matplotlib package that I recently released on pypi. By default, when you make figures, the labels are "shared" between axes.
Original answer:
I discovered a more robust method:
If you know the bottom and top kwargs that went into a GridSpec initialization, or you otherwise know the edges positions of your axes in Figure coordinates, you can also specify the ylabel position in Figure coordinates with some fancy "transform" magic. For example:
import matplotlib.transforms as mtransforms
bottom, top = .1, .9
f, a = plt.subplots(nrows=2, ncols=1, bottom=bottom, top=top)
avepos = (bottom+top)/2
a[0].yaxis.label.set_transform(mtransforms.blended_transform_factory(
mtransforms.IdentityTransform(), f.transFigure # specify x, y transform
)) # changed from default blend (IdentityTransform(), a[0].transAxes)
a[0].yaxis.label.set_position((0, avepos))
a[0].set_ylabel('Hello, world!')
...and you should see that the label still appropriately adjusts left-right to keep from overlapping with ticklabels, just like normal -- but now it will adjust to be always exactly between the desired subplots.
Furthermore, if you don't even use set_position, the ylabel will show up by default exactly halfway up the figure. I'm guessing this is because when the label is finally drawn, matplotlib uses 0.5 for the y-coordinate without checking whether the underlying coordinate transform has changed.