Whether it is the property of F5 or not should not matter, as it is released under the GPL license. Of course I understand that it wouldn't be very nice to just use that license without talking to them first.
As for the setup.py, it doesn't install the pycontrol.py file at all when used with pip. It seems that the find_packages function doesn't do its job properly (possibly because pycontrol.py is a module, not a package). Instead of trying to figure out what is wrong, I just wrote my own setup.py:
from setuptools import setup
setup(
name='pycontrol',
description='Library for F5 iControl API',
long_description="""pyControl is a Python-based library that integrates
with F5's BIG-IP iControl management API.""",
version='2.0.1r86',
license='GPL',
url='http://devcentral.f5.com/Default.aspx?tabid=149',
keywords='iControl F5 API',
py_modules=['pycontrol'],
install_requires=['distribute', 'suds>=0.3.9'],
platforms='any',
classifiers=[
'Operating System :: OS Independent',
'Programming Language :: Python',
],
)