Made the upgrade to Mac OS X 10.8 (Mountain Lion) and get now the following error when trying to call $ pip:
$ pip
Traceback (most recent call last):
Use easy_install to update your pip to the latest version:
easy_install
pip
sudo easy_install -U pip
Also make sure you have the lastest XCode installed (ver 4.4) with Command Line Tools.
XCode
Command Line Tools