I think the primary benefits would be seen by moving to VS 2.0 extended (while keeping the visuals the same), for 3DMark03. That is, it has been shown that per-vertex branching can help with skinning.
As for visual differences, 3DMark01 had an "advanced pixel shader test," didn't it?
"Physics is like sex. Sure, it may give some practical results, but that's not why we do it." - Richard P. Feynman