When I install ipython on my osx and run it, I get the following warning:
/Library/Frameworks/Python.framework/Versions/2.7/lib/python2.7/ site-packages/I
Additional note to future readers of this answer.
In my case -- running a MacPorts installation of IPython -- there were several versions of easy_install in /opt/local/bin/, but no non-versioned symlink pointing to the most current. Performing easy_install-2.7 -a readline worked.
easy_install
easy_install-2.7 -a readline