Ok PSI means Pounds per Square Inch. Air bottles come in two different PSI sizes (or three now) 3000psi, 4500psi (and 5000psi). Now if you have a 1.1 litre 4500psi bottle it will hold 50% more shots than a 3000psi bottle of the same size.
Now the regs, this is what changes the pressure from 3000 or 4500psi to something usuable. There are two types adjustable and screw-in. Adjustable air systems cost quite a bit more than screw-in air systems because of their ability to be adjusted from around 200psi-1000psi. Now screw-in air systems work just like co2 tanks it just screws in. The reg on these types of air system are pre-set, usually to 800psi.
These regs are usually attached to the bottles. The foregrip regs your talking about are low pressure regs, which take the input pressure from the tank, even lower sub 600psi, or sub 200psi if its a maxflow.