i see 3.53 as the latest?
although 3.52 and 3.53 seem to have a bug that needs fixing
Edit2: I found a problem with v3.53 (also exists in v3.52) which I at first thought was a new bug, but that was wrong. It is simply a limitation in where you can store skins. If the skin is loaded from HDD at startup of LaunchELF, then launch keys leading to HDD may fail. So for the time being you must use other media for the skins (MC or mass: work fine). Hopefully this can be fixed in a future version.
LaunchELF v3.53 (2006.03.28)
-dlanor: Added user editable menu title (individual per menu page)
-Polo35: Sealed some memory leaks in the JPG background skin implementation.
-Polo35: Improved vertical resolution of JPG skin by 87.5% (240/128)