I had to sanitize your post - yes, you are right, but not everyone is as smart as you, so we would prefer to keep that private. This is after all a public forum and we would not want "users" trying that out would we now?
in answer to your questions though:
1) Does "code of the day" have any correlation to the organization's McAfee Endpoint Encryption license or is it the same code for everybody irrespective of the organization?
No - to do that (properly) we'd have to build a unique version of the toolkit for every customer, and that would be a management nightmare, especially for our many customers who have acquired other organizations.
2) If the answer to the first question is 'Yes', why would McAfee generate ONE Code of the day for all encrypted devices?
the COD is to put a barrier inbetween unknowing people and the more dangerous features of the toolkit, mainly for the protection of tech support teams. A simple recovery that takes a few seconds when you use the right options, can become a nightmare multi-day effort if someone uses the wrong options. The COD is meant to put a barrier in place so only people who know what they are doing can get access to the more dangerous features.
3) -- sanitized by Simon Hunt -
4) Is there anything one can do to mitigate from the McAfee EE application?
Mitigate what? The COD does not give you access to the data, only access to dangerous features - you still need the key material for a machine before you can recover anything?