I have reported this on my blog, with confirmation from others:
After executing "jwm -reload", the screen looked ok, but after a short time it suddenly became "washed out". This problem is only for what jwm controls, tray, window title/border and menu, everything else is ok.
Icons are very pale, mostly white, the theme colors were changed.
Rebooting made no difference. Changing back to jwm version 505, the icons came back to normal, but not the theme colors. I had to re-select the theme to bring it back.
This is all pretty weird. There was a time a couple of years ago when we had a lot of trouble with jwm with washed-out icons, which we thought had something to do with the version of pixman. Note, I am using pixman 0.22.2, running Racy Puppy 5.2.2. But we thought that trouble was long-gone. Why the theme colors should change, that is weird.
Not everybody has the problem. 01micko, testing on Slacko, our Puppy built from Slackware 13.37 packages, reports success.