Maybe I can answer at least part of my own question. Over on the CN forums it was reported that the "Low Gain" option sets the gain and brightness to optimize the dynamic range of the camera, while the "High Gain" setting produces a 12-bit (for ASI224) output at 1e/ADU.
I guess one remaining question is whether this is implemented for all of ZWO's cameras, including the ASI120MC and ASI120MM (not the "S" versions, the original USB2 cameras).
Also, is the so-called "brightness" value the same as the ASCOM offset value (perhaps both are just a bias or pedestal value added to the base signals).