It doesn't affect low range, as it's only the high range gears that get changed.
Downside is on steeper hills you do need to ride the clutch more to take off due to the higher gearing.
Upside is it will do 100km/h comforably in fourth gear, and fifth cruises very easy at the same speed. It pretty much sits perfectly for the turbo.
However I am running maxi-drive reduction gears which make a huge difference as well.
Edit - I wouldn't run anything but standard size tyres on it though, as you'd be putting too much pressure on the clutch, especially towing.

