I'm not positive, but I don't think there is a difference between low and high. The difference is between on and off. The compressor still has to cycle the freon through the consender, drier, accumulator, and finally the evaporator, even on low to get a steady stream of cool air. The different settings just indicates how fast the blower motor pulls air across the evaporator and blows out through the vents. Compressor clutches don't slip, (like a torque converter), so they either are not spinning or are engaged. This is why on an ineffective a/c system, air is sometimes actually 'cooler' temperature-wise, then on higher fan setting speeds, when the air seems to get a touch warmer.
As for as "Max A/C" in about 99% of cars, all that means it switches to recirculation, or pulling air from inside your car, instead of fresh, outside air.