The %HOME% environment variable is used by many programs under w32, so it's 
really a mess sometime. I suggest Emacs use a different HOME variable 
underw32, something like %EMACS_HOME% or %EHOME%. This can be backward 
compatible if Emacs first look for %EHOME% variable, and if not found, 
search for %HOME% instead. User can also set simply set %EHOME% to %HOME% to 
get backward compatibility.
 Sun Yijiang