| We're running osCommerce on PHP5 and have not not noticed any major problems. The version we use is MS2.2 (NOT Release Candidates RC1 or RC2).
As long as register_globals is ON and long_arrays are ON in php.ini, you should be fine.
If you installed additional contributions then these may need extra TLC, but the only issue I found so far was a small bug in "C dynamic Metatags" which only affected the admin in a very specific set of circumstances and did not impact the live shop at all.
So just make sure that your php.ini settings are osCom friendly, and the switch-over should be okay.
PS: the one to watch out of is MySQL5 when it comes, as this will require code changes.
All the best - Terra
EDIT: We're using CCGV(trad) for discount coupons and I can confirm that this works fine on PHP5 - just tested on a server with PHP5 & e.g. "10% off" coupon appears correctly in checkout. With osCom there are 2 versions of CCGV, the one to trust is the "trad" (which used to be looked after by Vger) as it's reliable & we use on all our shopping cart installs.
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