I think your answer will depend on what your productivity is. If it is simply typing text then no, you will likely not increase productivity by making the switch and you will certainly lose productivity until you master the new (and significantly improved) UI.
Think of a cowboy and driving cattle. The cowboy lost productivity (wasn't driving cattle) when he became a teamster and learned to drive a truck. After he did though, he was able to deliver a heck of a lot more cattle to the stock yard by driving a truck.
There are lots of things that you can do to prepare documents with Word 2010/2007 that you can't do with Word 2003. I don't know of anything that you can't do with Word 2010 that you can with Word 2003.
In your place. I would make the switch and like Ulodesk, once you have, you probably won't be disappointed.
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