Seems something in between fixed it, because it works with 3.4.1. Can test 3.3 if needed.

mikey:/usr/obj/tmpfs/ports/Python-3.4.1/Python-3.4.1/ $LD_LIBRARY_PATH=. ./Modules/_testembed
--- Pass 0 ---
interp 0xac003e00, thread state 0xb4380f80: id(modules) = 2813069072
interp 0xa84b8480, thread state 0xa897cd00: id(modules) = 2840181576
interp 0xa84b8dc0, thread state 0xb1a0b700: id(modules) = 2840181696
interp 0xb1efb540, thread state 0xaec09880: id(modules) = 2929755640
interp 0xac003e00, thread state 0xb4380f80: id(modules) = 2813069072
--- Pass 1 ---
interp 0xab4f1780, thread state 0xaec09000: id(modules) = 2813071072
interp 0xac0035c0, thread state 0xaae20080: id(modules) = 2981253808
interp 0xb2bd6e00, thread state 0xaac10a00: id(modules) = 2981254728
interp 0xab4f1880, thread state 0xb0f31d00: id(modules) = 2862169464
interp 0xab4f1780, thread state 0xaec09000: id(modules) = 2813071072
--- Pass 2 ---
interp 0xb3731e00, thread state 0xb3a6be00: id(modules) = 2812938720
interp 0xa8842e40, thread state 0xaac10c80: id(modules) = 2981325640
interp 0xab4f1500, thread state 0xaec09a80: id(modules) = 2981325160
interp 0xb3731b00, thread state 0xaec06580: id(modules) = 3039539968
interp 0xb3731e00, thread state 0xb3a6be00: id(modules) = 2812938720