Only if the new hard disk replaces an older and smaller hard disk. Replacing a hard disk with a 32 MB cache by a very similar model with a 64 MB cache won't really improve performance.
A 7200 RPM 1TB drive with an 8MB cache is almost as fast as one with a 64MB cache. What are the old and the new drives?
The old one is a Seagate ST3500320AS (500GB) and the new is a Western Digital WD5002AALX (500 GB, 32 MB Cache). We haven't installed the new one yet, but this Seagate is on its last legs I think. (See my following post.)