Drupal 7 only has built-in support for non-external libraries via hook_library(). But it is only suitable for drupal.org projects that bundle their own library; i.e., the module author is the creator and vendor of the library. Libraries API should be used for externally developed and distributed libraries. A simple example would be a third-party jQuery plugin.
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This update has been submitted for testing by sdodson.
This update is currently being pushed to the Fedora EPEL 5 testing updates repository.
This update has been pushed to testing
This update has reached 14 days in testing and can be pushed to stable now if the maintainer wishes
This update has been submitted for stable by sdodson.
This update is currently being pushed to the Fedora EPEL 5 stable updates repository.
This update has been pushed to stable