If you were overseas from jan 2003 - may 2007 and applied in Oct 2008 you don't have the required physical presence requirement of 30 months. The N-470 is to preserve your continuous residence requirement, but you still must have at least 30 months of physical presence in the US before you can apply for naturalization (based on 5 year route).
Also, did you apply for a re-entry permit before you left in jan 2003 to preserve your LPR status?
Also, did you apply for a re-entry permit before you left in jan 2003 to preserve your LPR status?