The test program:
#!/usr/bin/env python
# -*- coding: latin-1 -*-

print('test')

is correct in Python 3.3.3, but cause this error with Python 3.3.4:
  File "./test.py", line 3
    -
    ^
SyntaxError: invalid syntax

I use Windows 7, with bash (of Cygwin) and
Python 3.3.4 (v3.3.4:7ff62415e426, Feb 10 2014, 18:13:51) [MSC v.1600 64 bit (AMD64)] on win32

For whatever it's worth, it works fine for me on 3.3 tip on unix.  The fact that it says line 3 and shows just a - is suspicious.

I can reproduce the problem. I started debugging it; the issue is that, after reading the two comment lines (and detecting the source encoding), fileio_readinto gets called, which calls read(), and read() returns 17 (bytes read), with are

"-\n\nprint('test')"

So for some reason, the - is not consumed yet, even though it was previously read out of the file descriptor.

Oops, I missed the fact that it was Benjamin that added Serhiy...Benjamin can add himself if he wants :)

You can avoid this by changing end of line to CRLF. (I don't know why)

I attach a simpler test case.

All works fine with UTF-8.
All works fine with latin-1 (or other) and Windows end of line.

Maybe this issue is important, "First line can be executed twice":
http://bugs.python.org/issue18960

I can't test on Windows but may be this patch fixes the issue.

Just in time for 3.3.5...

New changeset ade5e4922a54 by Martin v. Löwis in branch '3.3':
Issue #20731: Properly position in source code files even if they
http://hg.python.org/cpython/rev/ade5e4922a54

Thanks for the patch, this is applied to 3.3 and 3.4.

Regressions on buildbots, examples:

http://buildbot.python.org/all/builders/x86%20OpenIndiana%203.3/builds/1458
http://buildbot.python.org/all/builders/AMD64%20Windows7%20SP1%203.3/builds/1546
http://buildbot.python.org/all/builders/AMD64%20Snow%20Leop%203.3/builds/464
etc.

Regressions on FreeBSD buildbots (test_coding)

http://buildbot.python.org/all/builders/AMD64%20FreeBSD%2010.0%203.3/builds/626/steps/test/logs/stdio

This needs to be fixed for 3.3.5rc2.

New changeset dcf4fbf446ca by Benjamin Peterson in branch '3.3':
fix test on debug builds (closes #20731)
http://hg.python.org/cpython/rev/dcf4fbf446ca

Thanks for fixing it.