No, that is not an error and not really an issue yet. Your server must be running already PHP 5.3 that labels the ereg function (and all others of the regex extension) as deprecated as these functions will be not in PHP 6 anymore.
We will eventually change all these. Personally, I think the PHP people have made a mistake here. There is not a simple replacement for these functions, so much work and testing will be required to stop using them. Work that would be better spend on "real" problems.
With the introduction of this error message the powers that be have seen fit to allow supressing the messages. Set the error reporting to include E_ALL ^E_DEPRECATED in functions-basic.php where it is currently being set to E_ALL
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Deprecated: Function ereg() is deprecated in C:\wamp\www\zenphoto\zp-core\functions-i18n.php on line 305.
but my live server is running 5.2.6, so there is no problem with this.
-Shub
With the introduction of this error message the powers that be have seen fit to allow supressing the messages. Set the error reporting to include E_ALL ^E_DEPRECATED in functions-basic.php where it is currently being set to E_ALL