I believe the best bearing is a 3203, an internally-upgraded, better metallurgy, more precise than 5203, with same ID, OD, Width dimensions. Both are 17.5 mm wide. Attached are some SKF data. This is what I posted April 2013:
For a M8, I believe the 3203 bearing is best, in "A" style (no grease grooves), "TN9" polyamide (nylon) cage, with "C3" added clearance (0.0003") to handle press fit. Definitely don't use "C2" tight fit. Normal fit (no C designation) is OK. C3 is better. Recommend without rubber seals (not "2RS1"), and without steel shields (not "2Z"). The "SKF Explorer" brand and version are my favorite. Total bearing name & number is: SKF 3203 ATN9/C3. Search "SKF 3203" on eBay and several are for sale, but only a few are C3. Get a new one, sealed in plastic wrap. Your local industrial bearing supply store should have several on their shelf.
FAG, NSK, Koyo and NTN are also very good bearing brands. I don't use Chinese bearings (BDX, Peer) due to poor quality and too many fakes from that country.
5203 type is an old style, with the same dimensions, but less quality. 4203 type is less common, used more in England, and has a thinner width dimension, with less axial load capacity.
Rotation speed (12,000 rpm) is way too fast for grease lube. Also gets better cooling with no seals and splash / spray / mist from DD syn-lube oil.
May benefit from a drive shaft trim, as detailed in previous posts.