While "it" obviously does matter (see discussion above), in a way which is not comfortable to my pure mathematicians desire for neatness and simplicity, even for basic chess transposition surely only moderately reduces the exponent (the growth in the number of positions with depth of thorough analysis) for a long way from the opening position.
Part of the reason is the large number of irreversible moves that can occur in an optimal chess game. Recall that the set of legal basic chess positions is split into equivalence classes of positions by the ordering defined by the existence of a legal path of moves between two positions. Every pawn move, every capture and more, kind of "resets the transposition clock" (classes of positions which are "earlier" in the tree of legal paths cannot ever be reached again). So transpositions are localised to the equivalence classes. It's also worth remembering that the number of legal positions is relatively small compared to the number of legal games partly because of transpositions. So, enlighteningly, transpositions are already taken account of to get the number of legal positions in basic chess (~10^43 or whatever). And the version with official rule sets has an enormously greater number of states, however much of a pain I find that to be, making the point virtually moot.
#3629
If there were no transpositions, then width w = 4 and depth d = 34 would lead to
1 + w + w² + w³ + ... + w^d = (w^(d+1) - 1) / (w - 1) positions
If all moves were interchangeable, then that would lead to
1 + w + w²/2 + w³/3! + ... ~= e^w positions , with d! = d*(d-1)*...*3*2*1 and e = 2.718281828...
The truth lies between the two.