Are you looking at clincher or tubular? I have ridden both 303 and 404 tubulars (currently run 303 tubulars). The new 404's are stronger with the new technology, etc. I probably wouldn't go Zipp if you are going clincher, in which case there are better clincher options out there (Rolf Vigor, etc.). Also, I think most would agree that carbon Zipps, and other carbon wheels, are really designed to be race wheels. I certainly wouldn't use my 303's for training (unless I win the lottery).
As for 303 vs. 404, I would agree with the above comment that in higher winds the 404's can get pushed around, but mostly what you would expect. I like the 303's for multi event use. The 404 are stiffer and feel a little quicker at top speed, the 303 are awesome on the hills. I think the best set-up is 303 front and 404 rear. Zipp also recommends it as a solid combo. Eliminates a lot of the crosswind issue, keeps it light, stiff in the rear, etc.
303's will likely drop over a pound off the bike fromm the SL's (if you go tubular).