EP has released a new version of Launchelf for the PS2, heres the release info:

LaunchELF v4.22 (2008.08.14)
-Fixed various bugs that could crash the RunELF function when called with improper device names or paths to non-ELF files. From now on on real launch attempts are made only after accessing the file and checking its ELF header.
-Fixed a bug dealing with SYSTEM.CNF files for the "MISC/PS2Disc" subprogram (string termination for a file buffer from malloc was made one byte beyond the allocated area)
-The above changes also fix the inability of the previous beta to launch ELFs from virtual memory cards.
-Made a new revision of 'ps2client_for_uLE'. This rev8 fixes a problem with file open modes that prevented the new VMC driver from mounting VMC files over network.

NB: Mounting VMC files over network is not recommended at this stage, since it is very slow. The VMC driver will need a new caching strategy to make network use practical.

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