--config option is not honored

$ mkdir /tmp/xx
$ cd /tmp/xx
$ export HOME=$PWD
$ cat > .eucarc.mine <<"EOF"
DATA_DIR=/home/smoser/data/aws-smoser
. ${DATA_DIR}/info
EC2_REGION=${EC2_REGION:-us-east-1}
EC2_CERT=${DATA_DIR}/${ec2_cert}
EC2_PRIVATE_KEY=${DATA_DIR}/${ec2_private_key}
EC2_ACCESS_KEY=${aws_access_key}
EC2_SECRET_KEY=${aws_secret_key}
EC2_USER_ID=${aws_account_number}
EUCALYPTUS_CERT=/etc/ec2/amitools/cert-ec2.pem
EC2_URL=https://ec2.${EC2_REGION}.amazonaws.com
S3_URL=https://s3.amazonaws.com:443
EOF

# my.log will get appended to each time this is sourced
$ echo "echo HI WORLD >> $PWD/my.log" >> .eucarc.mine

# failure is expected, as we have no configuration
$ rm -f .eucarc
$ euca-describe-images -o self
EC2_ACCESS_KEY environment variable must be set.

# attempt to use --config, this should work.
$ euca-describe-images --config=$HOME/.eucarc.mine -o self
EC2_ACCESS_KEY environment variable must be set.
$ euca-describe-images --config=./.eucarc.mine -o self
EC2_ACCESS_KEY environment variable must be set.
$ ls -l my.log
ls: cannot access my.log: No such file or directory

# use .eucarc (default config)
$ ln -s .eucarc.mine .eucarc
$ euca-describe-images -o self | awk '$1 == "IMAGE" { print $2,$3 }'
ami-03c30a6a smoser-bucket/my.img.manifest.xml

So, it seems the '--config' is completely broken, and not even being read, or at very least not being processed with bash

ProblemType: Bug
DistroRelease: Ubuntu 12.04
Package: euca2ools 2.0.0~bzr464-0ubuntu2
ProcVersionSignature: Ubuntu 3.1.0-2.3-generic 3.1.0
Uname: Linux 3.1.0-2-generic x86_64
ApportVersion: 1.26-0ubuntu1
Architecture: amd64
Date: Wed Nov 16 11:59:49 2011
EcryptfsInUse: Yes
InstallationMedia: Ubuntu 11.10 "Oneiric Ocelot" - Release amd64 (20111012)
PackageArchitecture: all
ProcEnviron:
 PATH=(custom, user)
 LANG=en_US.UTF-8
 SHELL=/bin/bash
SourcePackage: euca2ools
UpgradeStatus: Upgraded to precise on 2011-11-07 (9 days ago)