Do I still need http://skyrim.nexusmods.com/downloads/file.php?id=4719 with this patch 1.03?
To answer you question a quote from Kivan:
I haven't finished all the WAF fixes, but there are some that won't be included as they require design decisions so are out of scope for bugfixing. So you can probably continue with WAF if you want all the changes.
And Martin_Watts expands on this in a later thread:
Weapons and Armor Fixes IS NOT necessary as it doesn't actually fix hardly any bugs, it mostly makes the range of different weapon attributes follow linear progression curves, i.e it is a design decision and NOT a bug fix.
see skewp's comment here:
http://www.reddit.com/r/skyrim/comments/o6ivz/bethesda_qa_and_respect_for_gamers/c3ps1ks
At this point keep it if you like the changes it makes.