Both possibly. You may not realize it, but a lot of the "bass" you hear may be partially composed of the resonances, vibration and rattling of your trunk/etc. Eliminate that, and you lower the noise floor and hear more "true" bass, which will inevitably sound "cleaner" and possibly louder (due to less noise and more actual bass). Now, amount of noticeable difference will obvious vary by vehicle/setup/etc.
You also will be deadening a portion of the rear wheel wells I presume? Which could also decrease road noise somewhat.
At the very least, you'll look less hillbilly as you drive by people because your trunk won't be rattling all to hell //content.invisioncic.com/y282845/emoticons/tongue.gif.6130eb82179565f6db8d26d6001dcd24.gif