There is nothing in my books called over filtration. You must remember that the aquarium is a closed environment. Unlike in a river, lake, or creek where new water is currently being replenished, and waste and other organic bi-products are blown downstream, the water in your tank is used and reused again until you do a water change. While no filtration system is 100% in a closed environment (unless you are the filter and do water changes constantly to simulate an open system), you can better achieve a healthier and more stable, environment inside your aquarium with more/efficient filtration.
Higher gallons per hour readings on filters do not necessarily mean more filtration is being performed. The degree to which water is filtered is dependent on the amount/type of media used and the design of the filter itself. With power filters (cascading/waterfall filters), waste water often bypasses the media in the filter all together and flows back into a tank. With canister filters, you can pretty much be guaranteed that all the water that comes out the end will be filtered. Power filters work well, but they aren't nearly as efficient as canister filters.
I've used a 403 for about 5 years before going to an Eheim...The only thing I can remember about that filter was that it was noisy and the O-ring was a pain in the @$$ to put back. Glad I made the switch
Hope this helped