bevinator: You'd probably notice the difference more if you'd tried making a party before you applied the algorithm. Unmodded, you get stat bonuses of 6-8 very commonly, which can lead to MARATHON character-creation sessions. The new algorithm doesn't straight-up give you great numbers every time, but you will get consistently better rolls and also more "super-rolls" as solzariv mentioned.

Personally I just try to get the race/class combo I want, and then use an editor to get their starting stats where I want them after they're loaded into the game. It saves tons of time. Just don't go overboard with their stats in the editor; it takes a lot of the fun out of the early game if you give everybody 18s in everything. A save editor is useful for fixing the carrying capacity glitch, too... your weight allowance is supposed to increase as your STR and VIT increase, but it doesn't. The "calculations dialog" in the "view game information" section of Cosmic Forge will tell you what the correct number should be.