Me_path, within ME refers to the directory that ME is installed in.
%Appdata%\Multi Edit Software\Multi-Edit\11\Config.04\Mac (%Appdata% seems to be a windows location variable) is the location where ME puts .s/.sh compile results (the mac file) when a user compiles a CMac file. Now the actual location is:
Users\USER\AppData\Roaming\Multi Edit Software\Multi-Edit\11\Config.04 Substitute your user name for USER.
Now you can set up a command line to compile a CMac program and tell the compiler to put the result anywhere. But when ME is running and you ask it to execute a CMac function/procedure the order that ME looks for the mac file is
1) memory, incase it has already been loaded (second or latter invocation, or explicitly loaded in a startup file).
2) the mac directory in the user config area, eg Users\USER\AppData\Roaming\Multi Edit Software\Multi-Edit\11\Config.04\Mac
3) in the Mac directory located under the install directory. This is allowed by the OS because it is a read operation. A write operation is not allowed after installation. That is why old versions of ME don’t work well on Win vista and later because the old versions of ME want to write config, template, session, mac etc changes to the install directory.