I used to work with another, more experienced programmer who would put almost ALL of the utility calls within a shell script in the following manner:
FOO=`which foo`
$FOO -bar
After working with the guy for over a year, I knew pretty well that he was not the type to do these things on a whim, but I never really paid attention until he quit and i had to start maintaining his code. My only assumption is that, being an OpenBSD proponent and VERY security minded, it might have something to do with permissions or being able to test whether the user running the script had permissions? To counter this, however, I don't recall him ever testing against the success of setting those variables.