bug in psql?

Hello all,
is there a bug in psql (PostgreSQL 7.0.2 on i686-pc-linux-gnu)?
When I start psql with the command -F $ (or any other saparator) the
output is still with the separator |.
When I do a \pset in psql I get the same wrong result.

Example:
test=# \pset fieldsep $
Field separator is '$'.
test=# SELECT * from fltl;
 obnr  | objtyp |
-------+--------+
 1764a | FLTL   |
 1772a | FLTL   |

Any ideas?
Peter

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