yeah, we had been looking at this as well in our company on recommendation from our dba who spotted the compatability level was out. in contacting Landesk directly their recommedation was to change it but try it on a test system first. for 7.2+ (we were on 7.2.6 at the time). 7.2 specifically mentions sql 2005 as a supported platform so unless you have done some customised work in the form of scripts, stored procedures etc. it should be fine. but test, test , test!
Just to add to Dave's comment SQL 2005 is officially supported, and SQL 2008 from version 7.2.6. This will be regardless of the compatibility level and from personal experience I've not seen any issues with either 2005 or 2008 levels so far.