Phase 2 of PEP 302 is done.

pep-0302.txt

@@ -162,13 +162,7 @@ Rationale
     list is yet another new object in the sys.module: sys.meta_path.
     Currently, this list is empty by default, and frozen and built-in
     module imports are done after traversing sys.meta_path, but still
-    before sys.path.  (Again, later we can add real frozen, built-in and
-    sys.path importer objects on sys.meta_path, allowing for some extra
-    flexibility, but this could be done as a "phase 2" project, possibly
-    for Python 2.4.  It would be the finishing touch as then *every*
-    import would go through sys.meta_path, making it the central import
-    dispatcher.)
-
+    before sys.path.
 
 Specification part 1: The Importer Protocol