That is exactly right--10% more torque to the wheels, but I daresay that's equal to 25% more fun!
Most people say, and I'm willing to agree based on my experience, that 3.38 is the perfect final drive gear ratio (3.46 is practically the same) for our NA engines as it boosts torque at the wheels significantly without significantly increasing cruising rpm or compromising useful top end speed, That said, I would love to try a 3.64 or even shorter diff sometime.