It is not supported to use the old 2003 OWA URL to access a user on the Exchange 2007 system. The reason the request is failing is because the 2003 Exchange Server does not know how to resolve and communicate with the mailbox on the 2007 machine.
You will need to access at least all Exchange 2007 mailboxes using OWA on the Exchange 2007 CAS Server. This server can also proxy requests to legacy Exchange 2003 mailboxes, so I would suggest you reconfigure OWA so all users log into the CAS.
-Matt