If you're refering to .38 special wadcutters, then the answer is accuracy. The hollowbase wadcutter was designed specifically for target shooting. The deep hollowbase allows the bullet to fully obturate and seal the bore, and it gives the longest bearing surface possible with that weight bullet. The longer bearing surface tends to give better accuracy.
With flat base bullets in the same caliber, you get basically the same shape, which is similar to a tin can, but a shorter bearing surface. It's still accurate, but not as accurate as the longer hollowbase wadcutter.
At fairly close distances, say 7 to 10 yards, the difference in accuracy is hard to measure, but when you start shooting at 25 to 50 yards, then there is a great difference in accuracy between the two bullets, given everything else is equal.
Back when I was shooting lots of PPC matches, I would use solid base wadcutters for the 7 yard line, but the hollowbase wadcutters for all the 25 and 50 yard line shooting, to take advantage of the greater accuracy of the long bearing surface.
Hope this helps.
Fred