You have hit on exactly the difference. Since Timsort is stable, sorting on the reverse versus reversing the sort will leave the unsorted elements in reverse orders.
>>> s = ((2, 3, 4), (1, 2, 3), (1, 2, 2))
>>> sorted(s, key=operator.itemgetter(0, 1), reverse=True)
[(2, 3, 4), (1, 2, 3), (1, 2, 2)]
>>> list(reversed(sorted(s, key=operator.itemgetter(0, 1))))
[(2, 3, 4), (1, 2, 2), (1, 2, 3)]
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