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The error was finally reproduced with :
$make distclean; ./configure --enable-universalsdk=/Developer/SDKs/MacOSX10.6.sdk --with-universal-archs=32-bit MACOSX_DEPLOYMENT_TARGET=10.6; make 
gcc -arch ppc -arch i386 -isysroot /Developer/SDKs/MacOSX10.6.sdk -u _PyMac_Error -o python.exe \
			Modules/python.o \
			libpython2.7.a -ldl -framework CoreFoundation 
Traceback (most recent call last):
 File "/Volumes/CoreHD/python-svn/Lib/site.py", line 544, in <module>
 main()
 File "/Volumes/CoreHD/python-svn/Lib/site.py", line 523, in main
 addbuilddir()
 File "/Volumes/CoreHD/python-svn/Lib/site.py", line 118, in addbuilddir
 s = "build/lib.%s-%.3s" % (get_platform(), sys.version)
 File "/Volumes/CoreHD/python-svn/Lib/sysconfig.py", line 646, in get_platform
 "Don't know machine value for archs=%r"%(archs,))
ValueError: Don't know machine value for archs=('i386', 'i386', 'ppc', 'ppc')
make: *** [sharedmods] Error 1
Also,
$ ls /Developer/SDKs/
MacOSX10.5.sdk MacOSX10.6.sdk