  We present the results of a MOPED analysis of ~3 x 10^5 galaxy spectra from
the Sloan Digital Sky Survey Data Release Three (SDSS DR3), with a number of
improvements in data, modelling and analysis compared with our previous
analysis of DR1. The improvements include: modelling the galaxies with
theoretical models at a higher spectral resolution of 3\AA; better calibrated
data; an extended list of excluded emission lines, and a wider range of dust
models. We present new estimates of the cosmic star formation rate, the
evolution of stellar mass density and the stellar mass function from the fossil
record. In contrast to our earlier work the results show no conclusive peak in
the star formation rate out to a redshift around 2 but continue to show
conclusive evidence for `downsizing' in the SDSS fossil record. The star
formation history is now in good agreement with more traditional instantaneous
measures. The galaxy stellar mass function is determined over five decades of
mass, and an updated estimate of the current stellar mass density is presented.
We also investigate the systematic effects of changes in the stellar population
modelling, the spectral resolution, dust modelling, sky lines, spectral
resolution and the change of data set. We find that the main changes in the
results are due to the improvements in the calibration of the SDSS data,
changes in the initial mass function and the theoretical models used.
