I tried to reproduce it on trunk by trying,
./configure --enable-universalsdk --with-universal-archs=32-bit ; make
However It did managed to build successfully.

The relevant bits during installation:

gcc -c -arch ppc -arch i386 -isysroot /   -DNDEBUG -g -fwrapv -O3 -Wall -Wstrict-prototypes  -I. -IInclude -I./Include   -DPy_BUILD_CORE -o Modules/python.o ./Modules/python.c

<snip>

Python build finished, but the necessary bits to build these modules were not found:
bsddb185           gdbm               linuxaudiodev   
ossaudiodev        readline           spwd            
sunaudiodev                                           
To find the necessary bits, look in setup.py in detect_modules() for the module's name.

Failed to build these modules:
_bsddb             _locale                            

running build_scripts
<trim>
/usr/bin/install -c -m 644 ./Tools/gdb/libpython.py python.exe-gdb.py

12:52:55 l0nwlf-MBP:python-svn $ ./python.exe 
Python 2.7b1+ (trunk:79945M, Apr 11 2010, 12:46:28) 
[GCC 4.2.1 (Apple Inc. build 5646) (dot 1)] on darwin
Type "help", "copyright", "credits" or "license" for more information.
>>>