The new Django versions have made the old pinax pretty much useless. Now Django supports project templates and Pinax is separated into several smaller projects regarding starter projects (such as pinax-project-account) and apps (such as django-user-account).
The current way to use pinax is to choose a starter project, and then running something like:
$ django-admin.py startproject --template=https://github.com/pinax/pinax-project-account/zipball/master <project_name>
and then install requirements:
$ pip install -r requirements.txt
This will create a new Django project using the starter-project as a template, which already includes a few apps (like django-user-account) and templates (with bootstrap!). The project is ready to run, and already includes a bunch of functionality (like user registration, login and management).
Also, Django has changed the project directory structure a bit, so now it doesn't really look like that anymore.