Ah yes, that's correct, you would get shrinkage along the same dimensions that you would subsequently model in the ANOVA, so you would end up with bigger differences between levels of your factors (or more accurately, smaller variance within within levels). Sorry, I don't know what I was thinking just then. Perhaps I was imagining a situation where you were analyzing data from an experiment with a between-subjects design, and "unconstrained" meant on DDM parameter per subject, so that shrinkage would occur not across the dimensions of interest (i.e., the different groups in the experiment) but rather to the group as a whole. This or something similar came up in a previous question on the mailing list.
I agree, comparing posterior parameters is definitely the preferred route for HDDM. I guess Olegna's logic for preferring to perform an ANOVA is that one could just look at the main effect of a factor, which might have multiple levels, rather than comparing all levels to each other, hence cut down on the number of "comparisons". If so, I don't entirely agree. If you go down the ANOVA route, find a main effect, then perform post-hoc contrasts between levels to find the source of the effect, you've ended up doing the same number of comparisons anyway. If you were worried about spuriously concluding that a given condition influenced a particular DDM parameter you could fit two DDMs to the data, one where the parameter varies as a function of the condition and one where it doesn't, and see which model is a better fit.