The response to this was given in Microsoft Connect some time ago... however I can't seem to find the link.
I did, however, find a thread where they reference it with the response here.
Quoting:
Hi. Thank you for reporting the issue. It looks like you stumbled on an implementation detail - we do not use LoadLibrary for executables and it looks like in this case it does a validation that we do not. I cannot say this difference was the intended behavior, however if we were to to add an additional check now we could break someone, and the issue does not seem serious enough to take the risk.