1. Yes, that's a physical file. It seems to be the PHP CLI binary for 5.3, so I guess that doesn't get touched after a PHP re-compile.
2. 'which php' shows '/usr/bin/php' so it's looking at the file mentioned in point 1 above based on my symlink. I just find it odd that re-compiling php doesn't overwrite the CLI binary in the lsphp5/bin folder.
That still raises the question, where is the PHP CLI for Php 5.2 that i've built?