Honestly, I wish you'd picked a different tag-line though (riffing on `requests` no doubt). Unlike `requests`, your solution only works for a subset of deployment situations, because - as already pointed out - `setup.py` and `requirements.txt` are for different things.
One of the best examples for this I've seen is to use both to deploy to a server with no internet connectivity. For development the dependencies are installed from `setup.py`. Then, before deploying, all dependencies are downloaded via `pip download`. Put the dependencies on the server, finally, use `requirements.txt` with `--no-index` and `--find-links` to install. Definitely an interesting setup, but needs must. Unfortunately, your solution doesn't support `--no-index`, `--find-links` and a few others.
You may want to have a look at tools like `pbr` (Python Build Reasonableness) [1], which has an interesting way of dealing with some hard problems. It also shows how to use `setup_requires` so you don't have to have `requirements.py` hanging around in your repo.