Hmmm.... personally, I kind of enjoy rebuilding from scatch, but that's just me.
What you do depends a lot on why you want to move to 7.3. New versions of distributions are, for the most part, just collections of updated packages. You could most likely get what you need as a separate rpm and be up to date.
If you're box is anywhere near being a "mission critical" box, I would suggest just getting updated security patches for the apps you run and any updated system utilities. If the box is your home box and you can afford to "play", I'd rebuild from scratch.
j.
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