Yes it actually does. Each RAM module is rated in Mhz (Megahertz). PC2100 is rated at DDR (double data rate) 266Mhz and PC2700 is rated at DDR 333Mhz.
If you buy PC2700 and plug it into a board that runs PC2100 only...it will default down to the PC2100 speed...and that would beg the question 'why'.
For a great article on RAM, try http://www6.tomshardware.com/motherboard/19981024/index.html
and
http://computer.howstuffworks.com/ram4.htm
To further answer your question...PC100/133 is only single data rate ram. It runs only at 100Mhz and 133Mhz respectively. So DDR would be twice the speed but actually increases the memory throughput a bit more than that. The article above
TKS