While the "insignificant" part would usually have to be really large to influence the running time, it's often the case that one algorithm is faster than another due to the second one having a large constant multiplier, even though the Big O notation would suggest otherwise (e.g. O(10nlogn) would be faster than O(1000*n))
It's also common that even if one of the algorithms is slower in the worst case scenario, its average case performance is better than asymptotically better solutions. A popular example of such might be the quicksort algorithm, which has the worst-case running time O(n^2) but in practice is usually faster than most O(nlogn) sorting algorithms.