Since this thread isn't heading anywhere... I did a little comparison between three Lambda pads on the SR-303: Stock 303 pads, EP-507 pads and Lambda Nova Signature pads.
Stock 303 pads: Detailed and airy, but shouty. Yuck.
EP-507 pads: Hmm, the shout is gone. The sound has decent tonal weight now. Note: The EP-507 is actually a bit smaller than the other two.
Lambda Nova Signature pads: No shout here either, a bit more airy than the EP-507 pads. Favourite pads so far.
I wonder if the old "303/404 shout" is actually caused by Stax's pleather pads, rather than some inherent flaw in the driver. This could also explain why the 404 limited sounds better, as it uses leather pads instead of pleather.