Pip recommended structure

Question

Now that "pip" is going to be included with Python 3.4, could anyone knowledgeable share the recommended way of setting up a project? For example, the file structure and the content of "setup.py", if it is still needed?

Lets say, there is:

+ - + - Parent Folder
    |
    + - + - project
    |   |
    |   + - __init__.py
    |
    + - README
    |
    + - COPYING

Answer 1

setup.py should be in the same directory as README. I say this because simply including pip in the python 3.4 installation should change nothing in how it operates.

I say this from experience, because I've had to install many libraries from source, and setup.py was always in the same directory as README. Simple adding by default in a python distribution changes nothing.