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$ perl -v

...

$ uname -a
Darwin ganymede 11.4.2 Darwin Kernel Version 11.4.2: Thu Aug 23 16:25:
+48 PDT 2012; root:xnu-1699.32.7~1/RELEASE_X86_64 x86_64

$ cat pm_sh_escape.pl
#!/usr/bin/env perl
...
my $cmd = "printf 'I\\x27ll'";
print $cmd . "\n";
print `$cmd` ."\n";

$ pm_sh_escape.pl
printf 'I\x27ll'
I'll

$ printf 'I\x27ll'
I'll