It seems that regedit itself cannot handle these values, see how users
have to edit data in binary mode to enter empty strings:
http://www.pcreview.co.uk/forums/thread-1715654.php

Here is a script that shows the problem: the value is returned truncated
before the empty string.

from _winreg import *
test_key_name = "SOFTWARE\\Python Registry Test Key - Delete Me"
hkey = CreateKey(HKEY_CURRENT_USER, test_key_name)
SetValueEx(hkey, "Multi", 0, REG_MULTI_SZ,
           ['test', 'with', '', 'an', 'empty', 'line'])
print QueryValueEx(hkey, "Multi")