Power is about getting higher
volumes of air/fuel in & out of an engine in the least amount of
time. Cubic inches = volume .... RPM = time.
Based on simple physics, a 331 cubic inch engine has a stronger (higher volume) pull through the intake tract ... as well as push more exhaust out of the exhaust tract through 1 cycle or RPM.
Think of the piston/cylinder as just a big syringe.

A 331 will take in 331 worth of air/fuel
in the same RPM as a 306 takes in only 306 worth of air/fuel (as a general example).
If you were to bolt the same stock 302/306 parts onto a 331 it will make a bit more power based on the above principle. A larger engine will mellow out a camshaft because it desires more than a smaller engines camshaft provides.
As far as daily driver is concerned, it mostly about camshaft selection. The cam is basically the brain of the operation. Other factors play a role as well. Such as heads/intake/tranny/gears to compliment the desired driveability goal. It's most important to match all of these parts to work well with eachother.
Most big-name manufacturers have tried to simplify the matching process by providing 3 simplified stages of performance:
1- mild (street ... example - Edelbrock Performer)
2- medium (street/drag ... - Edelbrock Performer RPM)
3- hot (race ... - Edelbrock Victor)
A rough idle all depends on how you build it and mostly what cam you choose.
331 pros : better power (faster than a car with an equally built 306) ...
331 cons : gas mileage not as good as a 306
306 pros : better gas mileage than a 331
306 cons : less power (slower than an equally built car with a 331)
This is of course assuming the cars weigh the same.

Hope that helps a little .... anything I missed
