Rusty,
The hole does make an acoustic impact, but it's more of a "center" vs. "off-center" discussion. Cutting the hole right in the middle of the front head will bring out more attack and remove some of the bottom end of the tone. Off center will retain the bottom end, and you would need to point a mic at the spot where the beater meets the head for more attack. No hole at all and you'll get a huge "whoomp".
Aside from those differences, where an off center hole is aligned will make no difference, save for the aforementioned ability to point a mic away from the snare drum.