I had both versions 5.0u04 and 5.0u05. Uninstalled version 5.0u05 and restarted the system, but java runtime settings (From java control panel) still show 1.5.0_05 as an option (See screenshot jcp_04-05.JPG). I have attached screenshots highlighting this behavior.

Also further investigation revealed that in downloaded program files (Internet Explorer - Tools ->Internet Options -> General tab -> Under Temporary Internet Files -> Click Settings -> Click View objects), there are many activeX objects in the directory leftover from uninstallation. (See screenshot jre_atcivex_entries.JPG)

There are also many references in the registry linking to the uninstalled Java Plug-in(See screenshot jre_reg_entries.JPG)?

This could be related / the cause for the bug report 6343068 - Applets failure after updating to 5.0u5.