coordinate system - Getting latitude and longitude of projected point using ArcPy?

I have a point feature in a feature class that is being accessed by ArcPy. The point is projected but I need to find an efficient means to get the unprojected latitude and longitude for this point.

Is there a method other than reprojecting (unprojecting), getting a search cursor on the new feature class, finding the feature, then getting the lat/lon off the feature's shape?