Dave, My 2002 700 overheated last fall. Fortunately, I was only a couple of miles from home so I could wait till it cooled down, drive 3/4 of mile, let it cool again until I made it home.
It turns out the cause of the overheating was the nut holding the water pump impellar had loosened. My Polaris dealer did the repair without charge even though my original warranty had expired.
I was advised that many of the 700s had the same problem. Of course I asked why Polaris had not recalled the ATV if there was a problem. He had no answer only to tell me that it was a "fix as fail" repair.
I suppose I should be thankful that it was repaired without cost. But it irritates me that Polaris knew they had a problem but forced me to wait intil the ATV failed. Not a real big problem when I'm only a couple of miles from home. But if I had been trail riding in Northern Minnesota where the repair shops and trail stops are few and far between a failed water pump could be more than just an inconvenience.
Whether the 2003 700 had the same problem I don't know but it might be worth checking.
Terry,