Both are a method of swap.
Compcache = using part of the RAM as a virtual COMPRESSED swapfile
Swap = Using the harddrive (or flash in our case) as a cache.
In galaxo its configured to use compcache as swap, and then compcache is swapped out to flash if you need even more. That sounds clever because its like having a ram swap which should be faster, and then flash swap as a backup. However because compcache is compressed, it uses CPU to decompress the RAM. This can have an impact on performance.
You would think it wouldnt have a huge impact, but because it messes with the scheduler, it steals cpu cycles away from the running process in anticipation of swap that needs to be read out, even if ultimatly it didnt need to be. This is why compcache on galaxo can feel laggy.
Straight swap can be used by using the swapon command in galaxo. You might also be able to turn on compcache and set its swapsize to 0 to acheive the same. In both cases u need a SWAP partition on your external flash card (use the recovery to do that for you)