From the documentation:
The pcode algorithm was redesigned in MATLAB 7.5 (Release R2007b). You can run older P-files in any current version of MATLAB; however, upcoming releases will not run P-files created before version 7.5. Files generated in 7.5, or later versions, cannot run in MATLAB 7.4 or earlier.
(Use docsearch pcode
to view, expand "More about, Tips").
Based on the lack of any related tips or help, I suspect that pcode cannot be transitioned either way between pre-2007a and post-2007b.
From my experience, I have never had problems using pcode between versions. I think that this algorithm change in release 7.5 is a relatively rare thing.