There's no question that the engine compartment changes in a '34 are a big improvement over a '33, but in my opinion, the price of that improvement was a step backwards in styling. Just look at any body type's profile of both years in a light color and you can't help but notice the disparity of all the different slanted lines of the '34 (leading edge of grille, hood louvers, hood side panel ends, and front edge of the door opening -- no two of them are on the same plane. From a styling point of view, that's a mess that is largely avoided on the '33 with the concave grille and curved hood louvers.
I like them both and have had more than my fair share of each, but the '33s are best styled of the two model years' offerings.
Notwithstanding, my first love was and remains the '32s, even though some of the body types such as the Victoria and deluxe coupe could use more wheelbase to be better balanced from a styling point of view.
I also agree with Mike's earlier comment about the '32 model year being a high water mark for styling throughout the North American industry. There's not an ugly one in the bunch.