Anonymous Monk, I really enjoyed this japh. Nice job! This is the first japh I've really been able to untangle and follow. I took the liberty of adding strict and warnings, but aside from the additions of the my's , no modifications were needed. So here's my analysis (spoiler warning) :

/usr/local/bin/perl -w
use strict;
my $c="ePreh";
my $k="tonat";
my $h="ckeJ";
my $a="ahlr";
$h=reverse($h);     # $h = "Jekc"
my $e=$h.$a.$c.$k."sur";  #$e = "JekcahlrePrehtonatsur"

# This next part makes my eyes cross when I look at it for too long. 
# Turns out it switches the 1st and last character of $e.
(substr($e,0,1),substr($e,-1))=(substr($e,-1),substr($e,0,1));

$e=reverse($e);  # $e = "JustanotherPerlhacker"
$e=~s/stan/st an/;  # $e = "Just anotherPerlhacker"
$e=~s/rP/r P/;   #$e = "Just another Perlhacker"
$e=~s/rlh/rl h/;   #$e = "Just another Perl hacker"
$e.="\n";print($e);  #append an newline to $e, and print it out.
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Thanks for posting this! It was a lot of fun to untangle. I liked the spelling out of a word with your variables. I'm going to go try some of the others now. :-)