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100 Mhz!
Basically the 300 Mhz has a slower processor clock speed (but the Axim uses variable speeds while running to save power, so a 400 Mhz isn't always running at 400 Mhz).
The slower clock speed comes into play when you do things that need a lot of power; like playing games that need to draw a lot, like quake; like watching movies, but this may only be noticable when loading or with high frame rate movies.
Basically, search the Axim site for the particular types of apps (like the movie player), and see what others using a 300 Mhz say about the performance. You can also just serach for performance, or 300.
Also, the 300 Mhz has less memory; but you will probably be getting some memory cards for your Axim.
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