1. How is the exchange 2007 server roles deployed ? All the 3 roles - Mailbox, CAS & Hub on the same server or on different servers ?
2.Is the mail flow working between the 2 servers ? If no, then this needs to be fixed first
3. Make sure you have increased the Diagnostics logging on the exchange 2003 server and the exchange 2007 Mailbox & Hub server.
4. Run the following from the Exchange Management shell just to make sure there are no Exchange 2003 replicas on the Exchange 2007 Public folders:
=> Get-PublicFolder \ -Recurse | ft Name,Replicas
=> Get-PublicFolder \NON_IPM_SUBTREE -Recurse | ft Name,Replicas
If you find the exchange 2003 server replica, then you need to remove the exchange 2003 replicas here
You can check for more troubleshooting steps here;
http://msexchangeteam.com/archive/2006/01/19/417737.aspx