vm_compressor_mode (vm.compressor_mode) values for enabled compressed memory in OS X
I'm not completely certain of the FREEZER options, other than one FREEZER_COMPRESSOR option uses swap (utilizes free space on a disk) when RAM is low or expended, while the other does not.

What I think is that the FREEZER options are for managing memory for frozen processes. Maybe this is something experimental, to be used in combination with App Nap? I think this was something they were testing with iOS a few years back.

What I know is that option 1 uses no compression, and is the old fashioned OS X memory management we're all more familiar with. If you're having issues you suspect are related to memory compression, you might try this setting.

Option 2 uses compressed memory with no swap (no writing to disk when RAM is low or expended). 

Option 4 uses both compression and swap. 

Option 8 uses whatever the FREEZER is, backed by the option 1 implementation.