I just did a fresh install of:
CXOffice 4.2 Pro
DCOM95
IE6
NetMeeting 3.01 (4.4.3399)
While the install and configuration go much more smoothly than under CXOffice 3.*, I still am unable to see others' shared desktops.
I am already running in 24bpp X mode, but will try installing the MS Office XP SP3 and associated updates as reported by Logan.
Will report back soon...