Yes, it will rev faster. A lot of people do not understand what a governor does. Removing it will not give you more starting power (torque), it will give you more RPM's. Sometimes that translates to power as you are revving the engine way up. For most people it is better to adjust the spring so that you get more RPM, but not almost unlimited RPM. Your engine will last a lot longer this way and you do not have the safety issues that over-revving can cause.
It gives much better response thats why I remove it. These old briggs have such weak valve springs you will get valve float way before blowing it up. As long as you keep the oil changed it will survive.