it checks the version. you get this. I have pip-1.5dev1 in this case, but a script wrapper referencing 1.4rc5
(pip)qwcode@qwcode:~/p/pypa/pip$ pip --version
Traceback (most recent call last):
File "/home/qwcode/.qwdev/pip/bin/pip", line 5, in <module>
from pkg_resources import load_entry_point
File "/home/qwcode/.qwdev/pip/lib/python2.6/site-packages/pkg_resources.py", line 3011, in <module>
parse_requirements(__requires__), Environment()
File "/home/qwcode/.qwdev/pip/lib/python2.6/site-packages/pkg_resources.py", line 626, in resolve
raise DistributionNotFound(req)
pkg_resources.DistributionNotFound: pip==1.4rc5