Sorry, I missed the fact that this was for a clustered environment... I guess I should actually read the post before I respond.
Anyways, what I intended to suggest was a System Property that would point the application to a configuration file. This way the configuration information could be dynamically changed without restarting the server. Putting the actual properties file on the System Classpath you would eliminating the ability to change this information without restarting the Application Server.
However, for this to work you would need to specify the system property on each node and each node would have its own copy of the config file. This is probably not the ideal solution.
In the case of clustered applications the only real way to truely share information across the cluster is to use JNDI. However, depending on the type of information, quantity, and violatility; JNDI might be swatting a fly with a sledgehammer...
Even in a clustered environment you could use the properties file approach, however each node would need its own copy of this file. Therefore, a change to the configuration file would require the new file to be copied to each and every node in the cluster. This of course is opening up the chance for human error if the admin forgets to copy the file everywhere. However, this might not be a big deal if the file changes rarely or never changes.
In other words, I am going to take the ultimate cope out and say it depends on your application.
