I realize this question is a year old - but I thought I would contribute one additional bit of info in case anyone else is Googling for this answer.
The issue only crops up on Win7 64-bit when you install Python "for all users". If you install it "for just me", you should not receive these errors. It seems that a lot of installers only look under HKEY_CURRENT_USER for the required registry settings, and not under HKEY_LOCAL_MACHINE. The page linked by APC gives details on how to manually copy the settings to HKEY_CURRENT_USER.
Or here's the PowerShell command to do this: cp -rec HKLM:SOFTWAREPython HKCU:SOFTWARE
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