I found the following:
ps2pdf
:
"Screen Optimized" "eBook" "Print Optimized" "Prepress Optimized"
Acrobat 'Save as Adobe PDF' printer dialog
:
"Press Quality" "High Quality Print" "Smallest File Size" "Standard"
Adobe PDF presets:
Press Quality
Creates PDF files for high-quality print production (for example, for digital printing or for color separations to an imagesetter or platesetter). However, it does not create files that are PDF/X compliant. In this case, the quality of the content is the highest consideration. The objective is to maintain all the information in a PDF file that a commercial printer or print service provider requires to print the document correctly. This set of options uses PDF 1.4, converts colors to CMYK, and downsamples color and grayscale images to 300 ppi and monochrome images to 1200 ppi. It embeds subsets of all fonts and preserves transparency (for file types capable of transparency).
High Quality Print
Creates PDFs for quality printing on desktop printers and proofing devices. This preset uses PDF 1.4, downsamples color and grayscale images to 300 ppi and monochrome images to 1200 ppi. It also embeds subsets of all fonts, leaves color unchanged, and does not flatten transparency (for file types capable of transparency).
Smallest File Size
Creates PDF files for displaying on the web or an intranet, or for distribution through an email system. This set of options uses compression, downsampling, and a relatively low image resolution. It converts all colors to sRGB, and (for Adobe Acrobat Distiller-based conversions) does not embed fonts. It also optimizes files for byte serving.
Standard
Creates PDF files to be printed to desktop printers or digital copiers, published on a CD, or sent to a client as a publishing proof. This set of options uses compression and downsampling to keep the file size down. However, it also embeds subsets of all (allowed) fonts used in the file, converts all colors to sRGB, and prints to a medium resolution. Windows font subsets are not embedded by default.
There's no exact correlation with the ps2pdf
PDFSETTINGS
but it at least gives an idea of the differences in preset qualities.