Nah, that seems to happen periodically on all the systems I have running 10.3. There are no ill affects, and it'll usually go away if you select the icons or drag the selection rectangle over them. Annoying glitch, maybe, but it's pretty minor.
More annoying is the actual screwed up icon glitch; after running 10.3 for about a week, I'll start to see glitched up application icons, and I'm not alone. Again, no actual side affects, though, just annoying.