the thing to note is that Schumi said yesterday about the 2012 tyres, they feel like "proper" f1 tyres.. more consistent, therefore more confidence to attack the track, regularly.
He also implied that the tires are now more suited to him: “They have changed quite a bit – they are lot more consistent, and a lot more close to let’s say a real F1 tire, what you would expect, what you’d wish to have. It’s certainly for a race driver much better.”
His ultra-sharp front end driving style really needs a strong front tire.
If W03 is more than a half a second slower than W02 right now I will be seriously confused. W02 just isn't getting as much from the EBD as others. Without the EBD, W02 otherwise is an aerodynamically confused animal specifically at the sidepods. So a person believing a version of W02 with better sidepods, balance characteristics (CoG), suspension, would be as fast regardless of the EBD I don't believe is out of the realm of possible. W02 is such a compromise right now.