The backfill resopnse was not delivered to Exchange 2007.
Public folder are replicated however few contents which were not replicated while contect replication was hapening. If these events are generated in Exchange 2003 , that would mean exchange 2007 requested exchange 2003 to replicate missing stuffs and exchange 2003 wasnt able to deliver them to exchange 2007 due to Property validation failed.
See this article if this helps use EXTRA
http://blogs.technet.com/dblanch/archive/2009/04/10/some-public-folder-content-is-not-replicating-from-exchange-2003-to-exchange-2007.aspx