With each new major version of the PHP language comes a long list of changes. Along with these changes can come breakage with software that's not a direct part of the PHP core (or extensions). In this post to his site Remi Collet lists out a large number of the more popular PHP extensions and, along with the specific version numbers, breaks down which will work and which won't.
He actually has three lists: "compatible", "work in progress" and "not compatible for now". Fortunately, the "compatible" list is the longest and includes:
There's also a pretty sizable list for the "work in progress" category, most of which are already in the "fixed upstream" category or have pull requests waiting for review to fix issues that were found. Most of the items in the "not compatible" list are either projects that are out of date or have moved away from the PECL extension approach to something more based in user-land code.