Calloway,
The material of the prongs are different which can give different sound characteristics. The M1/F1 is copper with a layer of platinum and palladium, and I believe the stock P3 is some sort of copper or bronze with a layer of silver. The M1/F1 housing is also made of aluminum and has additional damping which can also affect the sound.
With that said, changing to a better termination will likely result in a different sound...but not always for the better! I've always found that YMMV with your particular system. What would be interesting to see (hear) is if using plug that matches the outlet that its plugged into would lead to even better sound (i.e. using Oyaide F1/M1 or 004 with an R1 outlet, or using a gold Furutech plug with a gold Furutech outlet, etc).