The way I understand it, the stock antenna is made resonant on 54, 144, and 440 MHz, as Radio Shack advertises that you can transmit on those ham bands. What the mod does is bring the antenna into the normally monitored scanner bands by making it resonant on 45, 155, and 460 MHz, as well as shortening the 800/900 MHz element a bit. I did the mod about six months ago, and it seems to work better on VHF Lo and Hi, about the same on UHF and UHF-T, and much better on 800/900 although it is still not by any means a stellar antenna. If you have the time and the spare rod laying around, and you don't want to use this as a ham antenna (who would?) by all means do the mod. It certainly didn't HURT the performance that this mediocre antenna achieves.
If however you want an antenna that will work MUCH better across the board, I use a Larsen NMO 2/70 dual band ham antenna which works beautifully from VHF-Lo right on up to 900 MHz. Strange that a 2M/440 ham antenna can outperform a scanner antenna across all bands, but it does.