Yes, it will in theory, but it also weighs more, so be sure to take that into account.
It has more energy than a 3s pack. It will make your props turn faster, which also increases the amount of watts used.
Watts = Amps x Volts, so a 3s pack is capable of 55.5 watts and a 4s pack is capable of 74 watts, ie almost half again as much energy in the 4s pack vs the 3s pack. Also, if you are bumping up against the limit of your ESC's as far as amp draw goes, increasing the voltage will bring that down.
That's the short version......here's the longer version:
http://www.rcgroups.com/forums/showthread.php?t=1312463
Hope that helps!!!
BD6
