Should I insulate my basement before drywall or not.
How much difference does it really make.

All the difference in the world. If you're going to put that kind of work and investment into it definately insulate it.

I would not only insulate, but caulk at the top and bottom of the band joist, and between the plate and foundation if it wasn't sealed with foam as is common now. The insulation may do less good if there is insulation outside the wall. Still, from the ground up, you will be losing heat right through the foundation and band joist. We may not have gotten the massive increase in natural gas prices forecast, but count on whatever you heat with going up soon. Also, in the summer, moisture will condense on the cooler walls maybe leading to mold problems. Insulation is cheap and easy to instal. Some states still give tax credits for it.

Thanks for the info guys