The Yosemite (OS X 10.10) upgrade includes Python 2.7.6, and the process, as usual with Apple system updates, seems to completely replace the system packages directory, in
/System/Library/Frameworks/Python.framework/Versions/2.7/Extras/lib/python
This time, the process appears to have entirely omitted site.py. My understanding was that this file was essential to the functioning of Python, in particular, the proper construction of package search paths; but my Python (which uses nothing more than the Apple system Python and additional packages in site-packages) works fine, and my paths remain as they were before the upgrade.
Is site.py no longer needed for proper functioning of Python? Has it been moved to another location?