@ Zarnal
No, it is not a CPU speed problem!
It is the 68020/30 More Compatible problem that mess the memory before the circle scene shows on the screen!
(it does not have anything with full CE)
You prove only that 68040 full CE has no problem with this part of the demo!
Have you tried with 68030 full CE?
If you can prove that the demo has no problem with 68020 on some speed than we can talk about CPU speed problem.
Note: The demo is not made to run on a 68040 CPU anyway!