The Ram Air setup will quiet the engine down, especially under part and full throttle. All the carb noise will be coming through the two scoops, verses the "whoooom!" you get with a 360 open element. If you're going from a single or dual snorkel, factory lid, to the Ram Air setup, no difference in sound. But if you're going from an open 360 element to the Ram Air, it will be quieter under part and wide open throttle with the Ram Air.
Remember back to the old days, when we flipped air cleaner lids over on our GM cars? They would roar when you floored it, but would be whisper quiet with the air cleaner lid sealed to the base.
The drop in the intake charge with the Ram Air will buy you some hp. You won't get any from actual Ram Air, because there isn't any Ram Air with a GTO or Firebird setup, but the drop in air temp (if you jet up accordingly, usually 1-2 sizes for a Q-jet) will give you about 10-15 hp.
And yes, Ram Air is downright cool! If you have hood scoops, make 'em real.