It has limited functionality, especially when it comes to writing back to disk non RGB images, but Christoph Gohlke’s tifffile module reads in 3 channel 16-bit TIFFs with no problems, I just tested it:
>>> import tifffile as tiff
>>> a = tiff.imread('Untitled-1.tif')
>>> a.shape
(100L, 100L, 3L)
>>> a.dtype
dtype('uint16')
And Photoshop reads without complaining what I get from doing:
>>> tiff.imsave('new.tiff', a)