Low vel round for hand held weapon and hi vel for AGL -
correct
Range is a function of velocity of the round when it leaves
barrel.
Max effective range of M203 round is between 300 to 400 m.
Max effective range of AGL is , I believe around 2,000 m - what you
need are proper sights and good ranging equipment for it to be
effective.
As for lethality, I think both are about the same. However, if the
ST Air Burst System is installed, it will be more even more
lethal.