better buy

The distinct advantage is likely to be with the higher end '03 model on runout -- IF it is the right size for you. There's no point buying an ill-fitting bike because it's at a "bargain" price.

I would compare component specifications and see what the '03 higher model gains you in that respect. Unless there is a major change in the design and tooling (e.g. '04 is the first year of a new frame design or component availability), you'll end up getting the same frame and better components for less cost.

All the bikes I've bought new have been end-of-year runouts and as such have been able to buy a bike that's 15-20% over what my budget would normally allow, with no drawbacks (i.e. still brand new, full warranty, etc.)

If you want some comparison data to mull over:

'03 Trek 7200: http://www.trekbikes.com/bikes/2003/citybike/7200.jsp (the photo looks like a Women's frame version BTW)

'04 Trek 7100: http://www.trekbikes.com/bikes/2004/citybike/7100.jsp

'03 Giant Cypress (there seems to be a lot of Cypress versions, here's the base model):
http://www.giant-bicycles.com/us/030.000.000/030.000.006.asp?dealerid=&dealercountry=&lYear=2003&bikesection=8828&range=100&model=10606