Gives the following buffs to wolves:
Movement speed when hunting players is much much faster (unchanged against wildlife)
Attacks are more aggressive: Dealing half as much damage but attacking twice as fast
Wolves now move at only half speed when in water, instead of slowing to a crawl

There is one buff that may be a benefit to the player:
Wolves will always run away when hit under half health, run twice as far away, and do so far more quickly

In essence, wolves become far more dangerous to the player while also having far stronger survival instincts.
Fighting back is now your best option as you won't have time to dig a pillar or the speed to run away.
Short range weapons such as clubs are way more effective and even weak armor is a huge help.