I put the code in for my Upgraded Red Sparrow on my Xbox 360. I then launched Destiny, and was able to grab the Upgraded Red Sparrow from the shop. Later, when I launched Destiny on Xbox One, I can't access the Upgraded Red Sparrow. While hovering over the description for the Sparrow S-10V, it says in red "Requires Preorder Exclusive."
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I logged into Gamestop on the 10th and put in a complaint. They sent me a second code for the Upgraded Red Sparrow today. It's a solution I'll take, but I don't like that it didn't carry over.