Trying to install psycopg2 on OSX results in the following:
building \'psycopg2._psycopg\' extension creating build/temp.macosx-10.6-universal-2.6 creating
It seems that there was something wrong with the ARCHFLAGS actually sticking, so finally using:
sudo env ARCHFLAGS="-arch i386 -arch x86_64" pip install psycopg2
actually worked.