Problems noted by PJE on import-sig:
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For example, PathFinder's find_module treats an empty path the same as sys.path, and will also fail if for some reason the bool() of a PEP 302 finder or loader object is False.  Also, module_for_loader() will create a new module object, if you have a False module subclass in sys.modules.

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These distinctions could be more problematic than they appear, as it's possible to inadvertently make your loader or your module subclass capable of being False (for example, if you subclassed a sequence type or implemented a __len__), and this could lead to some very subtle bugs, albeit very rare ones as well.  ;-)
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The import test cases should include some examples of such pathological objects, with importlib then updated appropriately.

New changeset c1399cf7bd6a by Brett Cannon in branch 'default':
Issue #12599: Be more strict in accepting None vs. a false-like object
http://hg.python.org/cpython/rev/c1399cf7bd6a