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Love the module, but I've noticed a discrepancy in instructions for 5.x-2.0 that cause me some confusion recently.
Line 22 of the .install file (i.e., what shows up on the Status Report page) reads (in part):
$t('In order for the jQuery Update module to work correctly, please copy the file at %mod and use it to replace %core.', array('%core' => 'misc/jquery.js', '%mod' => $path));
But the README.txt states:
Copy all *.js files from the jquery_update/misc folder and place them in Drupal core's misc/ folder, replacing the files that already exist.
I'm guessing that the README is correct (esp. since this is what the project page says). But it would be good to have the status page correct as well. Then again, that would mean that you'd have to fork the code, based on whether it's v1 or v2.
I guess you could use _module_parse_info_file() or -- since you don't care about dependency info -- you can go straight to parse_ini_file().
I'm happy to offer a patch if this is a valid issue.