Building on the rare pion and muon decay results of the PIBETA experiment, the PEN collaboration has undertaken a precise measurement of B_{pi e2} = R^pi_{e/mu}, the pi^+ -> e^+ u(gamma) decay branching ratio, at the Paul Scherrer Institute, to reduce the present 40times experimental precision lag behind theory to ~ 6-7times. Because of large helicity suppression, R^pi_{e/mu} is uniquely sensitive to contributions from non-(V-A) physics, making this decay a particularly suitable subject of study. Even at current precision, the experimental value of B_{pi e2} provides the most accurate test of lepton universality available. During runs in 2008-10, PEN has accumulated over 2times 10^7 pi_{e2} events; a comprehensive maximum-likelihood analysis is currently under way. The new data will also lead to improved precision of the earlier PIBETA results on radiative pi and mu decays.
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