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Some further information: if I run copystat directly on 3.4.3, I get essentially the same error as on 3.4.0. So really it only looks like the difference is just in how the error is reported:
Traceback (most recent call last):
 File "bug_demo.py", line 31, in <module>
 shutil.copystat('demo_files', 'demo_files3')
 File "/usr/lib/python3.4/shutil.py", line 213, in copystat
 _copyxattr(src, dst, follow_symlinks=follow)
 File "/usr/lib/python3.4/shutil.py", line 153, in _copyxattr
 os.setxattr(dst, name, value, follow_symlinks=follow_symlinks)
OSError: [Errno 22] Invalid argument: 'demo_files3'
Also, I should mention that I did test this on 2.7 as well, and it is not an issue there.