FULL PRODUCT VERSION :
java version "1.7.0_04"
Java(TM) SE Runtime Environment (build 1.7.0_04-b22)
Java HotSpot(TM) Client VM (build 23.0-b21, mixed mode, sharing)

ADDITIONAL OS VERSION INFORMATION :
Microsoft Windows XP [Version 5.1.2600]

A DESCRIPTION OF THE PROBLEM :
Uninstall does not remove "C:\Windows\System32\javacpl.cpl" and also does not restore the CPL file from the previously deployed JRE version (in this case v1.5.0_11). After uninstall of version "1.7.0_04" you are left with a Java Control Panel applet shortcut that does not work. You'll get the following error when trying to launch the Java Control Panel applet:
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The system cannot find the registry key specified:

HKEY_LOCAL_MACHINE\SOFTWARE\JavaSoft\Java Runtime Environment\1.7.0_04
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This issue seems similar to Bug ID_ 7141494. It looks like that bug was supposedly fixed?

STEPS TO FOLLOW TO REPRODUCE THE PROBLEM :
Install JRE 1.7.0_04 with the installation file, "jre-7u4-windows-i586.exe", on a Windows XP machine which already has JRE 1.5.0_11 installed. Then uninstall JRE 1.7.0_04 via Add Remove Programs. After uninstall is complete go to Control Panel and launch the Java applet.

EXPECTED VERSUS ACTUAL BEHAVIOR :
EXPECTED -
I would expect to get the Java control panel, not the error described above.
ACTUAL -
error message:
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The system cannot find the registry key specified:

HKEY_LOCAL_MACHINE\SOFTWARE\JavaSoft\Java Runtime Environment\1.7.0_04
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ERROR MESSAGES/STACK TRACES THAT OCCUR :
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The system cannot find the registry key specified:

HKEY_LOCAL_MACHINE\SOFTWARE\JavaSoft\Java Runtime Environment\1.7.0_04
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REPRODUCIBILITY :
This bug can be reproduced always.

CUSTOMER SUBMITTED WORKAROUND :
Delete "C:\Windows\System32\javacpl.cpl" and reinstall the previously installed JRE version.