The other way to do it would be something like:
- name: Create mysql servers
mysql_user: name=app host="{{ hostvars[item]['ansible_eth0']['ipv4']['address'] if hostvars[item]['ansible_eth0'] is defined else item }}"
- "{{ groups['webservers'] }}
The above example should work with 1.5, although I do believe that is over complicated, hard to read and not easily understand.
You could expand that to a regular {% if ... %}{{ address }}{% else %}{{ item }}{% endif %} type line, but that gets even longer and harder to read in my opinion with all of the special characters that get mixed into that line.