9.03 probably is the same as newer ones. It was year or two ago, when I experimented with various MMC versions - some older (probably 8.x) versions had nasty bugs, like inablility to record mpeg4 stream in avi container or similar.
Currently this doesn't matter anymore - I'm using my AIW only for TV capturing with VirtualDub, thereby I even could uninstall MMC.
Well, I need more info anyway
What version of WDM driver did you install? I haven't tested installing different versions of ATI video and WDM drivers - but if this works well, then maybe I have to rethink my AIW driver selection
Of course I forgot that you're using AIW NTSC version... Ati Theatre 200 chip (and 550 too, btw) has problems with PAL+Nicam stereo, different driver versions handle these problems differently. For me the old WDM versions (without ToD) often just killed stereo; no problems with my current WDM (6.6). MMC 9.14 kills stereo something though, VDub doesn't.