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 yesterday and complained again about how the code didn't work for the Xbox One. Today they sent me a code for the Upgraded Red Sparrow on the Xbox One. I'm glad this is sorted out finally. I'm a little bummed it didn't carry over, and I had to jump through hoops. In the end Gamestop made things right. I guess 3rd times the charm.