BCP fails to recognize | field terminator in certain cases with code page 65001. This leads either to data corruption (data from more than one file field lands in one column) or to row rejection due to field/column misalignment.
In the same conditions BULK INSERT imports data correctly. Unfortunately BULK INSERT cannot be used in all the cases (double-hop).
Also we noticed that BCP does not work well with format files when code page 65001 is used. We hope that this can be fixed together with the main problem above.