This deprecation affects things like $\cT, where \cT is a literal control (such as a NAK or NEGATIVE ACKNOWLEDGE character) in the source code. Surprisingly, it appears that originally this was intended as the canonical way of accessing variables like $^T, with the caret form only being added as an alternative. I love perl and use it nigh-unto daily, but—what could possibly have been the thought process behind that?…
writing scripts that control programs (such as SSH, emacs, nano, etc) that expect a keyboard and TTY to be controlling them?
http://perldoc.perl.org/perlvar.html
If you try to use and output ^O while thinking you're outputting a literal control-O then you'll be in for a big surprise.
The language allows (length) 250 or so character variable names with few restrictions, so using single character names is probably a bug or at least bad style, so when the devs are looking for a class of global "internal-ish" variable names, how about those icky single character names that no one should be using? So that's how you end up with $^V being aliased to a string representation of the version of perl interpreter currently executing. You really shouldn't be using single character variable names so they've been repurposed and attempting to re-re-purpose them might be very exciting.