Well, let's clear up some of the confusion.
* The SCEA Part I still uses Java2 EE 1.2. This means you're studying, yes, EJB 1.1 and the like. There has yet to be a beta for the updated specs (but as was expressed to me at JavaOne's certified folks happy hour last year, only 1% of all
Java cert exams are the SCEA, which is why it's not a high priority). Ah, well.
* No one knows when there's going to be an update to Java EE 5. SCBCD is probably next on their list of priorities (hasn't been updated either and is certainly more in high demand), while the SCWCD was updated for 1.4.
* You can use the latest specs in II/III. (Bear in mind that III is an essay assignment based on your work for part II.) The rules state that the requirement is any general-released edition of Java EE technology, which includes 5 - I used 1.4 for my exam and did fine.
Good luck!