For anyone interested, I managed to get the desired image with the help of a fellow from the uCam forum, suggesting something like this:
ind=1;
matrix_bin=dec2bin(frame,8); %frame is a 1x153600 vector of doubles
for j=1:2:153600
matrix_idx(ind)=bin2dec([matrix_bin(j,:) matrix_bin(j+1,:)]);
ind=ind+1;
end
im=reshape(matrix_idx,320,240);
imgR = uint8((255/31)*bitshift(bitand(frame_rot,63488),-11)); %# Red
imgG = uint8((255/63)*bitshift(bitand(frame_rot,2016),-5)); %# Green
imgB = uint8((255/31)*bitand(frame_rot,31)); %# Blue
my_img(:,:,1)=imgR;
my_img(:,:,2)=imgG;
my_img(:,:,3)=imgB;
imshow(my_img)
Thank you again for your time and suggestions!