Here is an analysis of the Atlas 4sp with 3.8/2.72 ratios that will surprise you:
The lines show the gear ratios you get with 4.56 axle gears and a stock AX5. Line 1 shows the ratios with the Atlas in LO LO (10.34:1), line 2 shows the ratios with the Atlas in 3.8:1, and line 3 shows that ratios with the Atlas in 2.72:1 (like a stock 231). Line 4 shows the ratios with the Atlas in HI HI (1:1). Line 5 shows the ratios you get with a 5:1 Atlas and line 6 shows the ratios you get with a 4:1 LO.
The surprising thing is that even though it seems you will get a lot of forward gearing options (4 Atlas speeds X 4 Tranny speeds = 16) you really only get 11 that are truly distinct (differ by more than 2, e.g. 47:1 and 49:1 are considered the same here). This is being pretty lenient because the ranges overlap quite a bit. To sum it up, it looks like an Atlas 4sp actually only gets you 3 gear ratios lower than the stock setup (68:1, 110:1, and 185:1). The well known ratios like 80:1 and 100:1 are also missing. All in all, it is kind of disappointing although the 3 lower gears may be worth the $ in any case. The 5:1 gets you the 90:1 and some ratios very close to the stock 231 ratios. The 5:1 looks pretty good for the $ difference as long as you don't need even lower gearing than 90:1, and with 4.88 axle gears it would give 96:1 which is pretty close to the 100:1 that is often recommended for serious rock crawling.