My M-x getenv RET PATH is:
C:\Program Files (x86)\AMD APP\bin\x86_64;C:\Program Files (x86)\AMD APP\bin\x86;C:\Program Files\Common Files\Microsoft Shared\Windows Live;C:\Program Files (x86)\Common Files\Microsoft Shared\Windows Live;C:\Windows\System32;C:\Windows;C:\Windows\System32\Wbem;C:\Windows\System32\WindowsPowerShell\v1.0\;C:\Program Files (x86)\Windows Live\Shared;C:\Program Files (x86)\ATI Technologies\ATI.ACE\Core-Static;C:\Program Files (x86)\ctags;C:\python27;C:\Program Files (x86)\Git\cmd;C:\MinGW\bin;C:\Program Files (x86)\GnuWin32\bin;C:\Program Files (x86)\GNU\GnuPG\pub