Interesting question. I would import the projects from the 2003 version to
the 2007 version. My concern in migrating across the 2003 db to the existing
2007 db would be migraiton of items such as Enteprise Globals, resources,
security groups etc, ie everything except the project peice. Therefore, the
easiest and clenest way to get the projects on-board will be to import them.
Before you do this, make sure the resoure pool is populated too, or import
the resources using a project.