First of all, as far as I know, you have to save solutions in IP2003 format if you want them to even open on IP2003 machines.
Having said that, you can still use IP2007 features in those forms and they will work fine on an IP2007 machine. As far as what will happen on an IP2003 machine, it will all depend on the features. Your best friend is the Design Checker (available in the IP task pane) - make sure InfoPath 2003 is checked in "compatibility settings". It will list all issues you've got in the form as well as the effects the user will experience.
For example, it says that if you have a multi-select listbox, it will still show in IP2003 but it will render as a bulleted list.
Also be mindful that you will not be able to design views that contain IP2007-only controls in IP2003.
Finally, there could be cases where some IP2007 features require the new file format (I don't have any examples off the bat - maybe new OM?) In that case, you can no longer use the solution with IP2003.
I hope this info helps!
Dave
David Airapetyan / Software Services ArchitectQdabra® Software / Streamline data gathering to turn process into knowledge