What I've read, RN, is that the first phase of yeast activity after pitching is reproduction - they are gathering strength for the task ahead of them. Pitching a larger cell count of yeast with high vitality into a wort that has everything they need will lead to shorter lag times.
Again, from reading, my understanding is that underpitching stresses the yeast and leads to production of more compounds that lead to what may be considered off-flavors, such as esters. Ester production can be increased for other reasons though, too - in brewing, there seems to seldom be a one-to-one correlation. For example, if you want more esters in your ESB, you can raise the fermentation temperature a little. Or switch to a yeast that is more prone to ester production.