> Kareha 2.03 still exhibits this bug...

Yes, I know, it's supposed to be fixed in the mythical next update.

> 1. The "manage" link doesnt appear on any pages.
> 2. The default password is the admin password! Any user can just go to any page, tick the box next to any post, and click the bottom "Delete" button. PAFF! its gone.

Uh, neither of those should be true. Especially not the second. I think you are definitely being confused there.