Higher damping factor tends to make a speaker produce tighter, more articulate but less plentiful bass.
Lower damping factor produces more abundant but sloppier bass and allows resonant tendencies to be more evident - the dreaded "one note" bass.
For a demonstration of extremes in damping factor, turn the amp off and disconnect the wires to one speaker. Get a short length of wire, long enough to short the speaker terminals. Tap the bass driver cone with the terminals shorted, simulating maximum damping factor (very low amplifier output impedance) - listen to the tone produced.
Disconnect the wire to one terminal, simulating non-existent damping factor (higher than high amp output impedance), tap again and listen to the tone. If you've never done this before, you may be surprised at the difference.