A new 012 play version of the JPE distribution is now available for download from here
The only executable changed was the jauntePE dll. Most of its changes were performance oriented, especially with regards to file system redirection. The new dll runs faster but not significantly so. On my old and slow '98 box now running Win 2K SP1 the difference is about 25% overall. App launch time was decreased as well, especially when running from a flash drive.
I did make other changes, including an attempt to make JPE run under non-english Windows versions, but I have no way to test whether this problem was solved.
You can find a list of all of the changes in the readme.