That is a High/Low Gain switch, giving an additional 6 dB of amplification in the "High" position. It has nothing to do with cartridge compliance. The impedances noted are for two different sets of inputs, the Phono (Low level) and Aux, Tuner, etc. (High Level); also not compliance related.
You can find a passable primer on phono cartridge compliance here at Galen Carol Audio (the first link I found through Google)http://www.gcaudio.com/resources/howtos/tonearmcartridge.html' title="here">.