It depends heavily on what the snow was like before the temps dropped. If the snow was wet or warm, it'll freeze solid obviously. Upon being groomed, the snow will become sugary, as the grooming is just chewing up the ice into tiny grains of ice, rather than flakes. If the snow is dry, then the snow will stay light, as there is no moisture to cause the snow to bond together.
If it snows while it is cold, then it really depends on what the temperature and humidity is when it snows. Snowflakes form differently depending on temp and humidity, so how they behave is going to change as well. Wilson "Snowflake" Bentley was a photographer from Vermont who perfected the art of photographing snowflakes. He observed that the flakes were different depending on the atmosphere. Since then, someone has put together a "snowflake thermometer" where you can determine what the general temperature is depending on the type of flakes you see. Below:
As you can see, the colder it gets, the more the flakes go from having thin arms to being flat hexagons. Flat plates rubbing against each other will cause more friction than the thin armed cousins further up the thermometer. So at a microscopic level, very cold snow is slow. However, that can be offset because it is often fairly firm, which allows skis to skim more over the top of them with less drag. So very cold snow can be fast, too.