Turning tracked changes into regular formatted text (with strikethrough, underline, etc.) has come up a few times here (see, for example, post 173394 and post 482840).
With Word 2003, there’s yet another way to do this — using XSLT.
For example, the attached stylesheet turns any tracked deletion into red strikethrough, and any tracked insertion into red underline (un-marking any formatting changes along the way). As a bonus, it’s extremely fast, even on a large document full of revisions.
Of course, this does require some extra leg-work by way of using an XSLT processor (there are many free ones available, including MSXSL), but Word 2003 Pro lets you apply a transform to a document as you save it — no extra work needed. So it wouldn’t be too hard to write a macro that saved out a particular document as XML, applying this transform, then re-opened and saved back out as .doc.
Just food for thought.
P.S. I had to change the extension on the attached to .txt so it would upload. If you want to try this out, you should rename it with an .xsl extension.