CyanogenMod 7.0.3, an incremental release for CM 7, is now live at cyanogenmod.com. While we're waiting for the official changelog from Cyanogen himself, I can tell you that it does not contain Android 2.3.4 (it's still based off 2.3.3) - that's been saved for CM 7.1 (if you can't wait for 2.3.4, you can update to it by using the nightlies). It does, however, contain important security fixes, among other things. We'll update this post as soon as we get the details.
Update #1: Here we go, the changelog is up - not much there, as you can see: