I never really noticed the ability to point any better or increased speed downwind with the board up. However, with the board up and on a close haul and slightly overpowered we usually had considerable weather helm. Dropping it down all but eliminated that issue without having to reduce sail.
The shallow draft on a larger boat was a very nice feature.
One other item....in reverse with the board down she drove like she was on rails. You could easily steer to either direction.