Have a little patience. Only an hour had passed from the time you originally posted your question to your second post, "Anyone???".
As for your question, the answer depends on what size you plan on printing and how much cropping you plan on doing. Higher resolution will allow you to print at larger sizes and it also allows you more leeway for cropping, so you can still have have enough pixels for a small print. Higher compression reduces the quality of the image, introducing artifacts. These artifacts are most apparent zoomed in on-screen and at larger print sizes, such as 8x10, but are less noticeable at smaller print sizes, such as 4x6. You could always try photographing a subject using different compression settings, then comparing the resulting prints to determine your acceptable level of compression for that print size.
The primary value of using lower resolution or higher compression is to decrease the file sizes of your images, so that you can fit more pictures onto a memory card. I see this as a non-issue, because the current cost of memory is so low. I'd much rather have the best image possible, so when I use a P&S, I always use the highest resolution and the lowest compression. Set it and forget it.
My wife used to change the camera's resolution and compression settings to photograph things that she just wanted to email family and friends. Two things would always happen:
1) she's forget to change the settings back, so when I went to take that one-in-a-million shot, my image would be ruined.
2) she'd later decide that she wanted to print an image she took, but the resulting print was poor in quality due ot the low resolution and high compression.
I eventually convinced her to leave the camera set to the highest quality settings and use software on the computer to shrink the images for email (two clicks of the mouse is all it takes).