Somewhere in my twists and turns to get Mark IV working today, it appears XeTeX has been broken.  Running `texexec --xtx' on any ConTeXt file results in:

! Undefined control sequence.
\PDFversion ->1.\the \pdfminorversion

All I've been able to find out is that these macros are something to do with PDFTeX.  I really don't know where to turn now.

I'm running:

XeTeX 3.1415926-2.2-0.9995.2 (Web2C 7.5.6)
TeXExec | version 6.2.1 - 1997-2009 - PRAGMA ADE/POD
MTXrun | current version: 2010.03.02 12:34