Aluminum props will flex under load so that effectively reduces pitch in a way and that is called prop slip. A stainless steel prop has very little give so no flex which means pitch doesn't change like a alum so it will slips less. By saying slip it would be the same theory behind a loose clutch slipping in a way. Except it slips in the water not pushing the boat forward. So when the prop slips less with a stainless steel prop your engine will not turn as high of rpm and you can actually lose speed and performance if you don't have enough HP to turn the actual operating pitch of the prop.
In short my boat is over propped by one pitch with an aluminum prop. If I put the same pitch prop in stainless the boat would suffer performance wise. If I go from 19"pitch alum to a 17" stainless I should get a performance gain in hole shot and better power pulling the minions on the tube without lugging the engine.
It makes a really big difference if you are pulling a skier up. If you are over propped it can be very difficult to pull a skier up out of the water. Over propped is not good and under propped if not driven carefully a person can redline an engine by over revving thus rod thrown.