There is one significant issue:If the tach is above 4K, in 2nd gear, and you whack the throttle, the front wheel levitates.
I think it is a factory defect.....
But seriously,
Unmodified Gen 1's put a lot of heat on the rider's left shin and the tank gets hot if running under a quarter tank.
this sucks when it is 100 outside.
Good fixes are numerous and very low cost. chromeit had a good one and insulating the bottom of the tank helps.
It was also my excuse for going with a power commander.
If an '03 has factory suspension, it may be way past it's prime. Lots of aftermarket solutions but a new shock will be $600+ and not compatible with gen2.
Fresh fork springs are ~$100.
Depending on mileage, valve check and cam chain tensioner replacement may be wise investments.
I replaced my '03 cam chain tension at 45K mls just because others have had issues.
Drew bent all his valves when his took a shit. That is a nasty nasty failure that can be avoided for ~$70.
Replace all brake and clutch fluid. They are likely way past their prime.
Rear brake can lock up easily. It just takes experience.
Later years had snatchy throttle issues. But '03 has always been butter.
If the windsheild auto-retracts when you turn the key off, it is easily defeated.
The worst thing of all was the evil TICK found in some gen1's (including mine).
Tribal knowledge is that if the bike makes it past around 25K miles without the issue,
then it never develops. Many were fixed by Yamaha for free. Mine was fixed around 20K.
At 50K, it is all good.
In short '03 is the lightest and strongest year. For the US, it is THE bike that changed sport touring.
Honda challenged with the ST1300 and the FJR slapped it down in every way.
