I was forced to put a new sneaker on my '02 700 this year due to some premature chord failures. Let me first say that the best deals on Earth are at Tracksusa.com. I bought my 1.25 Camoplast Ripsaw for $389 delivered to my door. I put it in myself in about 3.5 hours.
I love the traction! Hooking up on groomed trails is improved quite a bit. I don't notice any premature Hyfax wear but I am running a bit higher on the temp gauge when there is no fresh snow and the trail is hardpack. You have an '03 with the extra cooler, so you may not see this effect (not to mention you don't have a temp gauge unless you put one on like I did).
The Ripsaw is supposed to have better lateral grip becaue of the angled slits in the paddles.. I can't say that this is true.
I won't stud it because I'm worried about studs that long being easy to tear out. I have already had two instances that have reminded me of this decision. If you're used to riding with studs, keep this in mind.