Server Execution Failed launching third party COM server

Hello all,

I have an application failing in the field which works fine on the computers
in my office.  I'm using the Adobe Acrobat 5.0 PdfDistiller COM server from
a Delphi 6.02-written client to distill PostScript files.  At the client
site, it hangs for about a minute and then raises an exception with the
message "Server Execution Failed."

I've read through a bunch of messages on Google and this newsgroup, and all
of the information seems to point to either a DCOM configuration or
permissions problem.  If the client logs in as an Administrator (which is
not an option in the production environment), the program works, so I
started looking at permissions.  Here's a brief overview:

* The client computer is running Windows 2000.
* The COM server is installed on the client computer.
* The COM server is explicitly confgured to launch locally.
* The executable for the COM server is on a local drive, not on a network
* The COM server's Identity is set to Launching User.
* The launching user has ACL access to the COM server.
* The launching user is a member of the Power Users group, which has
explicit Launch and Access rights to the COM server.
* The entire registry branch for the server under HKEY_CLASSES_ROOT\CLSID is
identical to the entry on my computer (and the COM server is installed in
the same directory on both computers).

If the user runs Acrobat Distiller manually as an application, it loads up
just fine, so I can't see it being a DLL dependency/permission problem.

I'm about at the end of my rope.  What else should I be checking?