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Yes, the air pressure in the ball does impact how far it will go. Here's the main reason why:
When a ball is underinflated, as it gets impacted by the foot during the kick, some of the energy will go into bending the skin of the ball, and the rest will go into making the ball itself move. When the ball has more air, the skin cannot bend, so all of the energy goes into moving the ball.
This is the exact same reason that an underinflated ball does not bounce as high when you drop it on the ground.
References, and interesting reading material: http://howthingswork.virginia.edu/bouncing_balls.html, http://www.physlink.com/Education/AskExperts/ae469.cfm
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