index.js

// generated by npm, please don't touch!
var i = require.paths.indexOf(__dirname)
if (i && i + 1) require.paths.splice(i, 1)
if (i) require.paths.shift(__dirname)
exports["express"] = require('./'+"express")
,exports["oauth"] = require('./'+"oauth")
,exports["ejs"] = require('./'+"ejs")

npm output

npm bundle vendor
npm info it worked if it ends with ok
npm info version 0.1.27-7
npm info bundle [ 'vendor' ]
npm info fetch http://registry.npmjs.org/oauth/-/oauth-0.8.1.tgz
npm info fetch http://registry.npmjs.org/ejs/-/ejs-0.2.0.tgz
npm info fetch http://registry.npmjs.org/express/-/express-1.0.0rc2.tgz
npm info install ejs@0.2.0
npm info install oauth@0.8.1
npm info install express@1.0.0rc2
npm info activate ejs@0.2.0
npm info activate oauth@0.8.1
npm info activate express@1.0.0rc2
npm info build Success: ejs@0.2.0
npm info build Success: oauth@0.8.1
npm info build Success: express@1.0.0rc2
npm ok

package.json

{
  "name":"flockfeed",
  "version":"v0.0.1alpha",
  "dependencies":{
    "express":"1.0.0rc2",
    "oauth":"0.8.1",
    "ejs":"0.2.0"
  }
}

Here's what I get:

 npm/master isaacs@sistertrain-lm:~/dev/js/npm/test/packages/flockfeed
[11:15:21] $ npm bundle ./deps
npm info it worked if it ends with ok
npm info version 0.1.27-6
npm info bundle [ './deps' ]
npm info fetch http://registry.npmjs.org/express/-/express-1.0.0rc2.tgz
npm info fetch http://registry.npmjs.org/ejs/-/ejs-0.2.0.tgz
npm info fetch http://registry.npmjs.org/oauth/-/oauth-0.8.1.tgz
npm info install oauth@0.8.1
npm info install ejs@0.2.0
npm info install express@1.0.0rc2
npm info activate ejs@0.2.0
npm info activate oauth@0.8.1
npm info activate express@1.0.0rc2
npm info build Success: ejs@0.2.0
npm info build Success: oauth@0.8.1
npm info build Success: express@1.0.0rc2
npm ok

 npm/master isaacs@sistertrain-lm:~/dev/js/npm/test/packages/flockfeed
[11:15:27] $ la deps
total 40
0 drwxr-xr-x  12 isaacs  _lpoperator  408 Aug 27 11:15 ./
0 drwxr-xr-x   4 isaacs  _lpoperator  136 Aug 27 11:13 ../
0 drwxr-xr-x   6 isaacs  _lpoperator  204 Aug 27 11:15 .npm/
8 lrwxr-xr-x   1 isaacs  _lpoperator   15 Aug 27 11:13 connect@ -> ./connect-0.2.4
0 drwxr-xr-x   7 isaacs  _lpoperator  238 Aug 27 11:13 connect-0.2.4/
8 lrwxr-xr-x   1 isaacs  _lpoperator   11 Aug 27 11:15 ejs@ -> ./ejs-0.2.0
0 drwxr-xr-x   3 isaacs  _lpoperator  102 Aug 27 11:13 ejs-0.2.0/
8 lrwxr-xr-x   1 isaacs  _lpoperator   18 Aug 27 11:15 express@ -> ./express-1.0.0rc2
0 drwxr-xr-x   8 isaacs  _lpoperator  272 Aug 27 11:13 express-1.0.0rc2/
8 -rw-r--r--   1 isaacs  _lpoperator  288 Aug 27 11:15 index.js
8 lrwxr-xr-x   1 isaacs  _lpoperator   13 Aug 27 11:15 oauth@ -> ./oauth-0.8.1
0 drwxr-xr-x   6 isaacs  _lpoperator  204 Aug 27 11:13 oauth-0.8.1/