if you use plans and packages, plan rebind should not be necessary.
but there are some prereqs for applications that must be met when converting to DB2 V7.1, there are a few new reserved words that are now checkt more strictly, so that you might want to test wether you are still able to bind all programs.
What we did in our environment was recompile all programs on the test machine, just to make sure we got a clean compile on all (that were about 25'000 programs). Some of the programs had to be changed. then we bound all of them, and compared the explain output against the output from the old DB2 system's explain. again, there were differences in the access path in some cases. Everything was changed and corrected and brought in production before conversion.
On the day of the conversion to V7, we did not rebind any of the application programs, except the ones delivered with DB2.