You'll get slightly faster acceleration and lose a smidge of top speed. Rpm at 120kph on the highway will be a tad higher, but not really noticeable. Is the 3:23 ratio a complete diff. If so, is it a LSD or are you just swapping the ring and pinion into your original diff casing?
I swapped out my 3:64 diff for a 3:91 on my e46 M3. Big difference.
You shouldn't see too much change but the added torque should be cool.