I stayed away from Live 03 because of what I heard from other people on this board. I can't stay away from Live so I rented it last night.
Live 03 is great. Not perfect, but a great next step over 01.
Let me address a few "problems."
Speed - I don't think it's fast at all. The movement and pace is about correct. The tempo is a bit quick, and that's ONLY an issue IF I don't play defense, or at least put a body on someone.
Blocks - I only notice it to be unrealistic with Zo. 12 in a game. The rest of the team had a good night too in that area, and I can accept that.
Other things are expected like no-in game save, or custom team. We already lived with it in Live 01.
Things that do bother me slightly is no intro. And what really gets to me now is the cut scences where bench players just joke around. Do not sit on the coaches chair!!!!
My point in this is, don't shy away from Live 03. It's not perfect, but perfectly acceptable. Try it for yourself by renting it first, and you make the call.