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When I run a Python 3.3.4 prompt inside Emacs 24.3 on Windows 7, correct commands are evaluated immediately, but incorrect ones are delayed (I have to press Enter one more time), as seen below:
 >>> 1
 1
 >>> nonsense
 >>>
 Traceback (most recent call last):
 File "<stdin>", line 1, in <module>
 NameError: name 'nonsense' is not defined
Python 2 does not do this. I've filed an Emacs bug report (http://debbugs.gnu.org/cgi/bugreport.cgi?bug=17304) and got the response to try this on the command line (where cat.exe is from an MSYS installation):
 python 2>&1 | cat.exe
and it behaves the same way as in Emacs.