Please read the comment completely.

For the first point
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I apologize that there was no mistake in binary mode and I have read it hastily. There is no ambiguity in the binary mode as you said. Reading hastily, I felt '...(only usable in text mode)... applies to all positive values, not just for the case of one. I was wrong there. 

However, text mode buffering description is not clear. Does the positive non unity buffer size value indicates the number of lines or the size in bytes or size of string characters (as per the system encoding) etc. This description could be made clearer (for both the text as well as the binary modes)

I also want to say that buffering is working incorrectly. In fact it is not working at all on windows x86 (I am raising a separate issue for this since that is not a documentation issue). 

For the second point (My answer here is for Windows part only)
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The hyperlink http://msdn.microsoft.com/en-us/library/z0kc8e3z.aspx could be great instead of see C-run time documentation. It explains both "flag" as well as "mode". Actually this is the hyperlink given in the page you mentioned (http://docs.python.org/3/library/os.html#open-flag-constants) - I guess I gave up on this link, since I felt function was largely undocumented and useless.

I really "request" you to mention that C runtime library specification is actually http://msdn.microsoft.com/en-us/library/59ey50w6.aspx - I accidentally found this - there is no simple way (without reading extensively, I guess) to know that Python is actually using Microsoft VC++ at the backend and that the runtime library of that would be of that. So you could mention this on the introductory pages that C-API/Library is actually http://msdn.microsoft.com/en-us/library/59ey50w6.aspx.

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P.S. Please (at least) see my comment on the other documentation ambiguity issue that you have closed already.