I sell both so I have no axe to grind either way.
My personal opinion is that for the same thickness, area, and density, the cotton does a better job in pretty much all applications (and is a much more pleasant experience to work with). However, it is more expensive and also isn't as rigid so it won't stand up on it's own like 703 will.
If the lack of rigidity is not an issue, then I'd go for the cotton. In a heavily used environment, the cotton also has one more advantage. It springs back to shape reasonably well. Ever poked a 703 panel? You've got a dent that stays there. Do the same thing with the cotton - it will come back (unless you just get silly and start boring into it).
Bryan