JLoader Help to Understand

<?php
/**
* @version $Id: loader.php 10381 2008-06-01 03:35:53Z pasamio $
* @package		Joomla.Framework
* @copyright	Copyright (C) 2005 - 2008 Open Source Matters. All rights reserved.
* @license		GNU/GPL, see LICENSE.php
* Joomla! is free software. This version may have been modified pursuant
* to the GNU General Public License, and as distributed it includes or
* is derivative of works licensed under the GNU General Public License or
* other free or open source software licenses.
* See COPYRIGHT.php for copyright notices and details.
*/

if(!defined('DS')) {
	define( 'DS', DIRECTORY_SEPARATOR );
}

/**
 * @package		Joomla.Framework
 */
class JLoader
{
	 /**
	 * Loads a class from specified directories.
	 *
	 * @param string $name	The class name to look for ( dot notation ).
	 * @param string $base	Search this directory for the class.
	 * @param string $key	String used as a prefix to denote the full path of the file ( dot notation ).
	 * @return void
	 * @since 1.5
	 */
	function import( $filePath, $base = null, $key = 'libraries.' )
	{
		static $paths;
		
		if (!isset($paths)) {
			$paths = array();
		}
		$keyPath = $key ? $key . $filePath : $filePath;
		
		if (!isset($paths[$keyPath]))
		{
			if ( ! $base ) {
				$base =  dirname( __FILE__ ); 
			}

			$parts = explode( '.', $filePath );

			$classname = array_pop( $parts );
			switch($classname)
			{
				case 'helper' :
					$classname = ucfirst(array_pop( $parts )).ucfirst($classname);
					break;

				default :
					$classname = ucfirst($classname);
					break;
			}

			$path  = str_replace( '.', DS, $filePath );
            
			if (strpos($filePath, 'joomla') === 0)
			{
				/*
				 * If we are loading a joomla class prepend the classname with a
				 * capital J.
				 */    
				$classname	= 'J'.$classname; 
				$classes	= JLoader::register($classname, $base.DS.$path.'.php');
				$rs			= isset($classes[strtolower($classname)]);
			}
			else
			{ 
				/*
				 * If it is not in the joomla namespace then we have no idea if
				 * it uses our pattern for class names/files so just include.
				 */   
				$rs   = include($base.DS.$path.'.php');
			}

			$paths[$keyPath] = $rs; 
		}

		return $paths[$keyPath];
	}

	/**
	 * Add a class to autoload
	 *
	 * @param	string $classname	The class name
	 * @param	string $file		Full path to the file that holds the class
	 * @return	array|boolean  		Array of classes
	 * @since 	1.5
	 */               
	function & register ($class = null, $file = null)
	{   
		static $classes;

		if(!isset($classes)) {
			$classes    = array();
		}
       
		if($class && is_file($file))
		{  
			// Force to lower case.
			$class = strtolower($class); 
			$classes[$class] = $file; 

			// In php4 we load the class immediately.
			if((version_compare( phpversion(), '5.0' ) < 0)) { 
				JLoader::load($class);
			}

		} 
        
		return $classes;
	}


	/**
	 * Load the file for a class
	 *
	 * @access  public
	 * @param   string  $class  The class that will be loaded
	 * @return  boolean True on success
	 * @since   1.5
	 */            
	function load( $class )
	{ 
		$class = strtolower($class); //force to lower case

		if (class_exists($class)) {
			  return;
		}

		$classes = JLoader::register();
		if(array_key_exists( strtolower($class), $classes)) {
			include($classes[$class]);
			return true;
		}
		return false;
	} 
}


/**
 * When calling a class that hasn't been defined, __autoload will attempt to
 * include the correct file for that class.
 *
 * This function get's called by PHP. Never call this function yourself.
 *
 * @param 	string 	$class
 * @access 	public
 * @return  boolean
 * @since   1.5
 */          
function __autoload($class)
{
	if(JLoader::load($class)) {
		return true;
	}
	return false;
}

/**
 * Global application exit.
 *
 * This function provides a single exit point for the framework.
 *
 * @param mixed Exit code or string. Defaults to zero.
 */          
function jexit($message = 0) {
    exit($message);
}

/**           
 * Intelligent file importer
 *
 * @access public
 * @param string $path A dot syntax path
 * @since 1.5
 */          
function jimport( $path ) { 
	return JLoader::import($path);
}

Code (markup):

i have a file new.php
then i use that code....in new.php i wrote the ff lines

<?php

include("..\Joomla\libraries\loader.php");

JLoader::import( 'joomla.base.object'          );


?>

Code (markup):

then My question is how the file is being loaded with that class?? because 1st it would enter to the import function then it would test if (strpos($filePath, 'joomla') === 0) if it is true then it would also be pass to register function then the register function test if if((version_compare( phpversion(), '5.0' ) < 0)) if it is true then it should load the file...but my question is my phpversion is 5.0.4 then still it's loads the file how could it be?