This is a real shame. Python 3.4 and bundled pip support was high on my list of reasons of why I should upgrade to 14.04 sooner rather than later. I think I'll wait now until this is smoothed out.
In the bug thread linked in above, it's mentioned that it will be fixed in Debian and then included in an SRU (Stable Release Update) for Ubuntu 14.04.
Does that mean July 24th or might it be earlier, do you know?