It will reduce velocity in theory, but the internals are more powerful than the standard rifle to make up for it (not a lot of difference in it anyway)
Advantages of carbine are quicker/easier handling, less weight, and sometimes better balance. Best thing to do is to have a feel of it and see how its suits you. Have a look at other makes too- the HW is an excellent gun, but it doesnt hurt to look around. Webley Longbow is very highly rated (is also a carbine), and around the same price.