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This is from the CVS log of pythonrun.c:

revision 2.179
date: 2003/02/25 20:25:12;  author: jvr;  state: Exp;  lines: +2 -2
Addendum to #683658:
import warnings.py _after_ site.py has run. This ensures that 
site.py is again the first .py to be imported, giving it back full 
control over sys.path.

I'm quite confident this is good enough for 2.3, but the issue 
should be revisited at some point, so I'm not sure we should close 
this bug. I'll lower the priority.