sed behaving badly?

[walt]

I got this nonsensical error from sed while trying to update python:

/usr/bin/sed -i.bak -e  's,/usr/doc/python-docs-,/usr/local/share/doc/python,g'  /usr/ports/lang/python/work/Python-2.3.2/Lib/pydoc.py
sed: /usr/ports/lang/python/work/Python-2.3.2/Lib/pydoc.py: No such file or directory

But the file DOES exist, and furthermore the same port compiles just fine on
-CURRENT from November 1.  I think the recent changes to sed may have broken
something, but I don't know how, exactly.

Anyone else seeing this problem?