Python 3.4 does not run any bdist_wininst postinstall scripts. Try to run 
`C:\Python34\python.exe C:\Python34\Scripts\ -install` 
manually from an elevated command prompt.
Much better when ran as an administrator:

C:\Python\Projects\test>C:\Python34\python.exe C:\Python34\Scripts\ -install
Copied pythoncom34.dll to C:\Windows\system32\pythoncom34.dll
Copied pywintypes34.dll to C:\Windows\system32\pywintypes34.dll
Registered: Python.Interpreter
Registered: Python.Dictionary
Registered: Python
-> Software\Python\PythonCore\3.4\Help[None]=None
-> Software\Python\PythonCore\3.4\Help\Pythonwin Reference[None]='C:\\Python34\\Lib\\site-packages\\PyWin32.chm'
Pythonwin has been registered in context menu
Shortcut for Pythonwin created
Shortcut to documentation created
The pywin32 extensions were successfully installed.

I wonder why is a difference between 2.7 and 3.4 in this?

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