I've just been looking through the run.bat and shutdown.bat files that came with the jboss-3.2.4.zip download. As they still contain lines referencing the %ARGS% variable I think that the following bugfix has been left out of the build.
[ 840239 ] run.bat does not parse arguments containing = correctly
It is marked in Sourceforge as:
Resolution: Fixed Status: Closed
and the patched files are correct.
Just thought I'd point this out in case it's been overlooked somehow.