Based on the work of Stevarino and to answer to WordPress Forum, here is another version :
I found the problem….It comes the formatting functions which convert few “special” characters into more fancy one….

function run_phpinpost($data) {
$PHPTag = “phpcode”;
$data = str_replace(array(”rn”,”r”), “n”, $data);
while (false !== strpos($data, “< ".$PHPTag .">“)) {
$Before= substr($data, 0, strpos($data, “< ".$PHPTag.">“));
$After = substr($data, strpos($data, ““)+(strlen($PHPTag)+3));
$Evaluate = substr($data, strpos($data, “< ".$PHPTag.">“)+(strlen($PHPTag)+2));
$Evaluate = substr($Evaluate,0,strpos($Evaluate, ““)-1);
$Evaluate = str_replace(array(”’”,”‘”),”‘”, $Evaluate);
$Evaluate = …

Well, I know it is always annoying to wait for news…. So here are some…
The most important addition/change with the release is the fact that all the configuration parameters are now stored in a table in the “wordpress” database (see below to have further information).
Here are the differents news functionnalities available with psnGallery2 1.2.1 :

User Defined tags for posting where you associate a tag to php code
Coppermine Albums viewer within WP-Admin area
Coppermine Pictures viewer within WP-Admin area
psnGallery2 parameters viewer within WP-Admin area
Fix of few bugs
etc…

In the future versions, I …