no.

the main problem with setuptools is that you cannot install data files outside of the egg (zip or directory).  roundup installs manual pages and message catalogs.  these files must go to their platform-specific locations.

support for setuptools will also require some reworking of command line scripts generation and template directory access.  this is doable, but there is not enough motivation to do it.  at least, not until the main problem can be solved.