Thanks, Tom. Your answer is more accurate and more complete than mine. I recently got a Mirro canner with three different weights (5, 10, 15) and no gauge, so that sort of colored my experience. Also have an old Magic Seal canner that is still in the process of restoration (mainly, polishing the exterior) that I picked up for a pittance at a Goodwill. It has a nice gauge on it, but just a single weight, which makes sense.
And then there are the pressure cookers with a selectable pressure control - like the Tramontina I picked up a while ago that has a high and a low setting.
Which is better, multiple weights or single weight and gauge? Well, I'd say I'd still like both - multiple weights AND a gauge. Perhaps that way one wouldn't have to be so fussy with the heat setting to maintain an exact pressure - just set the weights or lever to the desired pressure and then use the gauge to confirm.
As I gather, the reason for more pressure at altitude is because the pressure settings on these cookers are not absolute, but rather relative to atmospheric pressure. The key to canning is temperature, not pressure, so due to the lower atmospheric pressure at higher altitudes, the pressure setting (and reading) must be increased to maintain the same safe canning temperature. At sea level the temp of a 15lb cooker will be about 255F. A 10 lb setting will be about 240F, which is the minimum temp for low acid foods. At higher altitudes, however, it could take 12-15 lbs to get to and maintain 240F.