Find which version of package is installed with pip

Question

Using pip, is it possible to figure out which version of a package is currently installed?

I know about pip install XYZ --upgrade but I am wondering if

Answer 1

Pip 1.3 now also has a list command:

$ pip list
argparse (1.2.1)
pip (1.5.1)
setuptools (2.1)
wsgiref (0.1.2)