I never thought UT2003 was that bad, but then I never put in really serious time in UT - I don't think I got attached to it to the extent of more devoted gamers.
On the whole though, I think all of you have made a good review - some of the immediacy of UT has come back. I think it's only now I've played UT2003 a lot recently, then played the UT2004 demo, that I've noticed this. There was a huge leap in the graphics department to UT2003, but there's now been time for the rest of the game to catch up.