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This is the first time I've used msilib, but it does appear that the component is marked as 64-bit:
 >>> import msilib
 >>> msidbComponentAttributes64bit = 256
 >>> sql = ("SELECT ComponentId,Attributes FROM Component "
 ... "WHERE Component='launcher'")
 >>> db = msilib.OpenDatabase('python-3.4.0.msi', msilib.MSIDBOPEN_READONLY)
 >>> v = db.OpenView(sql)
 >>> v.Execute(None)
 >>> r = v.Fetch()
 >>> r.GetString(1)
 '{BE22BD81-ECE5-45BD-83B8-84BA45846A2D}'
 >>> attr = r.GetInteger(2)
 >>> attr
 264
 >>> attr & msidbComponentAttributes64bit
 256
As it should be according to Tools/msi/msi.py:
http://hg.python.org/cpython/file/04f714765c13/Tools/msi/msi.py#l990
Here's the comment regarding this:
 # msidbComponentAttributes64bit = 256; this disables registry redirection
 # to allow setting the SharedDLLs key in the 64-bit portion even for a
 # 32-bit installer.
 # XXX does this still allow to install the component on a 32-bit system?
 # Pick up 32-bit binary always
For reference, the Component table:
http://msdn.microsoft.com/en-us/library/aa368007%28v=vs.85%29.aspx