I have been working with a Zend contact (Sam Pinkhasov) on this issue for a few weeks now. I received an email this morning confirming that there is a problem in the ibm_db2 extension under PHP 5.3. Zend is contacting IBM about the issue. This is not a situation where every stored procedure fails under ibm_db2 and PHP 5.3. If you run up against this "Value Not Bound" message and suspect you've ran into this issue, modify your code and call the procedure using the i5 Toolkit. If it works there but not when using db2 calls, then you've ran into this issue.
I have to give credit to Zend for this one because they didn't give up and sweep this under a rug. Sam kept communicating with me even when initial attempts to replicate the issue weren't successful on their end.

