Depends on what you mean by "compatible". You can open the database in 2010 and 2010 without converting it to a new format. You should still be able to work with the objects as you did with Access 2003.
In addition to dhookom's point, coulpe of features were discontinued in Access 2010. Like Calendar control. So if you were used those in your 2003, then you will not be able to access those functionalities in 2010.
Check it here, you will get more insight about backward compatibility.
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