I have found WinMe + MESP2 http://www.mdgx.com/spx/MESP202B8.EXE (tick the Performance Tweaks option) to be faster and far more stable than 98SE alone even compared to 98SE + the great U98SESP3. This is when using old hardware (P3-500 with 512MB) right up to more modern C2D motherboards. (Disabled System Restore and PC Health.)
It was a surprise in so far as the various posts all over the internet with horror stories about WinME.
What I noticed most was it uses less resources and is much more stable when viewing huge PDFs, playing HD videos etc compared to 98SE. Installs on modern motherboards without freezing compared to 98SE (of course only VGA driver for GFX).
Also this is the only Microsoft OS I have used that has recovered from a BSOD, pressed enter and it took me back to the desktop and worked from there (I wrote down the error message from the BSOD to trace it to an IRQ conflict with two soundcards).
DOS 8's limitations was the only reason I stayed with 98SE on old computers up to 2013. Since then I have used WinMe and a basic batch file to backup and switch (IO.SYS, Command.Com, Msdos.Sys) with 98SE DOS 7.1 version of those files when I need to boot into DOS.