Unofficial LaunchELF continues to be updated this week...
More information and download in the OFFICIAL THREAD.Quote:
LaunchELF v3.50 (2006.03.01)
-Modified the ELF loader so it can reside at the same address used in LaunchELF versions earlier than v3.46, and still retain compatibility with current version of PS2Link. This eliminates the incompatibility that v3.46-v3.49 had with some unpacker stubs, and thus with all programs using those stubs, (notably myPS2). Full compatibility is now restored for those programs.