I came across this guide today on how to install python-mode, which is very similar to the steps I was taking. I was interested in the byte-compile section which was the only thing different. Since my installation steps are without byte compilation, I was just curious to see if it would add anything significant other than a speed increase via compiled code. Didn't get too far though because it wouldn't byte-compile for me giving me an error. An included library (are they called something else in elisp or is library good enough?) ansi-color was missing. Commenting the offending line:
seemed to fix the problem. And I didn't notice any real difference after the byte-compilation, as expected.