I had some problems with both versions of PowerMAME. I was storing lighting enables in MAME structures that aren't initialized in MAME32. To make matters worse, the structures where initialized in MAME32 only in debug builds because debug builds verify that commandline and ini options match between MAME and MAME32. The debug build has code that checks this and sets an error message if they don't. So, I never saw the problem since I'm developing in debug.
The problem will be fixed in 104.1.2.