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It would be possible for subprocess to replace "%1" with the filename parsed from the command line and then re-raise the exception. That said, it's not as if this is a deficiency in the Windows implementation relative to subprocess on POSIX. For example, in 3.4 on Linux it raises a generic ENOEXEC error:
 >>> os.access('./test.txt', os.X_OK)
 True
 >>> subprocess.call(['./test.txt'])
 Traceback (most recent call last):
 File "<stdin>", line 1, in <module>
 File "/usr/lib/python3.4/subprocess.py", line 537, in call
 with Popen(*popenargs, **kwargs) as p:
 File "/usr/lib/python3.4/subprocess.py", line 859, in __init__
 restore_signals, start_new_session)
 File "/usr/lib/python3.4/subprocess.py", line 1457, in _execute_child
 raise child_exception_type(errno_num, err_msg)
 OSError: [Errno 8] Exec format error
It could provide the filename, for example:
 >>> raise OSError(errno.ENOEXEC, os.strerror(errno.ENOEXEC), './test.txt')
 Traceback (most recent call last):
 File "<stdin>", line 1, in <module>
 OSError: [Errno 8] Exec format error: './test.txt'
A new issue should be raised to fix the FormatMessage calls in the standard library that mistakenly leave out FORMAT_MESSAGE_IGNORE_INSERTS.