Disclaimer: I'm a Box2D developer and junkie, so maybe a tiiiny bit biased.
APE's biggest advantage is that it is easy to get into, and has a straightforward API. Uh, it's only advantage.
For a jellyfish, it sounds fine, but if you find yourself wanting the following features I consider relevant, reconsider:
* Non-rectangular polygons (e.g. triangles)
* Joints (not the same as APE's stiff springs); for use for making tentacle ropes.
* If you are willing to download code from the SVN, there's also buoyancy code in Box2D (if you need the jellyfish to interact with the water's edge).
http://www.box2d.org/wiki/index.php?title=Comparison_with_APE