Don't miss the part where it says that if your string starts and ends with a single quote, the string is interpreted as a filename!
This means that you can't do:
$sth = odbc_prepare($dbh, "INSERT INTO people(name) VALUES(?)");
$res = odbc_execute($sth, array($name));
without checking the value of $name--if $name is, say, '\\'c:\\passwords.txt\\'' the contents of c:\\passwords.txt get inserted into your database as a "name".
Also, despite what the documentation suggests, there (incredibly) doesn't appear to be any way to escape your single quotes (via experimentation, and from reading the source): if your string starts and ends with a single quote you cannot use odbc_execute to insert it into the database.