I think TEXEXEC 3.1 is still the latest version. what are new are the context macros.
ciro 
Willi Egger <w.egger@boede.nl> wrote:
Hi,

The delivered TeX distributions with Linux are mostly way too old. If
you look at the messages given by your texexec run you can see it already.
TEXEXEC is way too old. The current version is above 5!
After updating your context it appears that it uses still a very
outdated version of texexec. I advise you to update your tex-system from
CTAN (http://www.tug.org/interest.html).

Willi

>>texexec --pdf novel.tex
>
>
> TeXExec 3.1 - ConTeXt / PRAGMA ADE 1997-2002
>
> executable : pdfetex
> format : cont-en
> inputfile : novel
> output : pdftex
> interface : en
> current mode : none
> TeX run : 1
>
> This is pdfeTeX, Version 3.14159-1.10b-2.1 (Web2C 7.4.5)
> \write18 enabled.
> (/usr/share/texmf/web2c/natural.tcx)
> entering extended mode
> (./novel.tex{/usr/share/texmf/pdftex/config/pdftex.cfg}
>
> ConTeXt ver: 2004.11.06 fmt: 2004.11.19 int: english mes: english
>
> systems : pdfTeX version 110 -> please update
>
> systems : eTeX version 201 -> too old (bugs)
>
....

> ! Undefined control sequence.
> \c!gebied
> ={/home/ciro/}
> \xprocesscommaitem #1,#2->\if ,#1
> ,\@EA \xprocesscommaitem \else \if ]#1\@EAE...
>
> \xdogetparameters #1]->\xprocesscommaitem #1,]
> ,\@relax@
> \dosetupsystem [#1]->\getparameters [\??sv ][#1]
> \setuprandomize [\@@svrandom...
> l.3 \setupsystem[\c!gebied={/home/ciro/}]
>
> ?
> ! Emergency stop.
> \c!gebied
> ={/home/ciro/}


==================
Ciro A. Soto
"All problems are at the interface. Each one of them has a solution."