I don't have a way of cold-crashing my kegs until they go in my kegerator. I really should leave it in there for a week or 2 before I drink it, but I never wait that long.
Point is, The beer tastes a hell of a lot better after the first week or two in addition to being clearer.
I've found bottled homebrew tastes better also if you put it in the fridge for a couple weeks before you drink it.
Give it a try. Easy enough experiment to run.
If I was going to describe the effect, I'd say the flavors are cleaner and it has less of muddled or harsh flavor.