2 stage pressure regulators can give a more constant pressure over the entire life of the CO2 tank, single stage regulators tend to drift around especially when the tank is very low/almost empty.
Most pressure regulators you buy over Ebay aren't specifically made for aquarium use, thus they have an adjustable output pressure (for whatever the end user wants to dial it to). Aquarium use wise, unless you specifically need a higher pressure for your difuser/atomiser, it's better to leave it at a pressure that will just break through your difuser, you then get better adjustability with the needle valve. If you leave the pressure high, a slight turn of the needle valve results in a big change in the CO2 output, making it difficult to adjust the rate CO2 is being injected.
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