You have to spend 40% more time before someone finds a valid hash, but any miner is 40% more likely to be the one to find a valid hash... sounds like that should cancel out indeed but I'm not entirely sure.
You (as an individual miner) would still mine the same number of blocks on average as before, nothing has changed from your perspective (difficulty/hashrate). You would find a larger percent of all blocks mined, but same absolute number of blocks.