If it's still having trouble, it'll start slowing down the game until it can render every other frame. You're now running at 30 fps, technically. If it's set to '1', it'll first start skipping a max of 1 frame, making the frames it's required to render be every other frame. Feel free to correct me if I'm wrong, but let's say you're having trouble rendering 60 fps. Setting maxFrameSkip to '1' (I would assume the default is '0') will allow the game to skip a maximum of 1 frame if it's falling behind.
This results in choppier graphics (stuttering) but keeps up the gamepace.
2.) Render less frames by skipping rendering a frame if it's falling behind. 1.) It will slow down your fps, take more than usual time to render each frame, resulting in your game having the 'underwater' effect and run slow. When the game can't keep up with that many images per second, it will do one of two things. That means it has to render an image 60 times per second. Say you're trying to play a game at 60 fps. While I'm not sure of some of them (please correct me if I'm wrong anywhere).