What about the mailflow between bothe servers ....Public folder replicates in form of mails
Send a mail from legacy to new server and vise-versa and see if you receive them.
Make sure you can telnet each other's port 25
Try to ping FQDN of exchane 2007 from ex 2003 and vise-versa
make sure there is routing group connector
get-routinggroupconnector
if it is already there just delete it and re-create bidirectional routing group connector it
New-RoutingGroupConnector
http://technet.microsoft.com/en-us/library/aa998574.aspxJut dismount and mount public folder in Ex 2003