In most cases you won't see any difference. AutoCalcRowHeights is respected only during loading and, if true, triggers a recalculation of all row heights which are not user-defined. At the moment it is considered also during zooming, but I plan to remove the calculation here because the row heights should already be known as soon as the user has the chance to zoom.
In case of large worksheets with many columns and rows and compilicated formatting in many cells, recalulation of row heights may cause a noticable delay - this is the "only" reason why it was introduced.
If AutoCalcRowHeights is off during loading the row heights will be taken from the file, i.e. what the generating application had stored. Unfortunately, not every file format stores row heights as precisely as xls, xlsx or ods, and even fpspreadsheet does not store row heights if the file as generated without a gui because the basic fpspreadsheet package does not use the LCL, intentionally, and cannot determine text size accurately. These files will be rendered with the default row height only. Therefore, it may be a good idea to turn AutoCalcRowHeight on.
Regarding the default state of this new property, you may notice that I am constantly oscillating between both cases, on or off...