Massimo, the problem is when main.py tries to read VERSION info.
I just made a test and I could not see VERSION listed in in
site-packages/web2py-2.1.1-py2.7.egg-info/installed-files.txt
Besides that, settings.py tries to get web2py_path environment
variable, but it's not set in a default, just created, virtualenv.
Another point is the available version in pypi: 2.1.1.
As I don't have enough knowledge as how to package web2py to pypi,
this is what I could identifiy.
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