Mark my words, a month or so after it expires you will come across "The Deal"...
There is no penalty to letting it expire for a couple of months and then applying for a new one. One benefit is you have less paperwork as the old book can be destroyed since the law requiring you to have it does not apply after your 03 FFL expires.
I had the same dilemma... I let mine expire, but keep meaning to renew it. Maybe this thread is reminder I needed.
I don't know if there will be anything I want available in quantity, but it's good to be prepared when something becomes available.
This brings up a question, if you let your license expire, you can destroy your bound book. If you get a new license at some point, do you have to enter the firearms you already had or just the ones you purchase after your second license comes in?