First of all the 14.4/28/.../2MBps is just to tell you the approx time the file will take to download on a specific internet connection... Has nothing to do with compression...
Then the quality is the quality of an image... The higher the quality the higher the clarity but higher the filesize...
Better option would be 6~8... But photoshop is a poor compressor of files... So better use ACDSee to compress files after they have been saved in Photoshop...
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