Yes.
The solvent effect of the sulphite is dimished as the concentration goes down - so the grain increases (a bit). But, the developer can tend to get a bit softer - you get a bit of compensation effects (the highlights are a little less likely to block up for a given development time) and sharpness and acutance effects are likely to increase. This is true for most developers. Full strength (stock) gives the finest grain whereas progressive dilution makes the developer behave more like a high acutance, compensating developer.
But, the difference between stock and 1:1 won't be massive. Try stock against 1:3 to see more effects. Development times can get very long, though!
If you want maximum speed from Delta 3200 or something, then stick to stock. If you want to use it as a 'normal' developer, I personally think 1+1 or 1+3 used one shot is a good way to go, consistent and economical. At the moment I am using Perceptol which I dilute 1+3. Long development times, but lovely negatives!