I've watched this presentation on how Bundler works and one of the reasons Bundler was invented was to solve 'activation errors', for eg:
LoadError: can't activate rack (~> 1.0.0, runtime) for ['actonpack-2.3.5'], already activated rack-1.1.0 for ['thin-1.2.7']
Does this basically means that you cannot run 2 different versions of the exact same gem at a same time, in a single Ruby process?