From the 3ds max help file:
Specular Level: Affects the intensity of the specular highlight. As you increase the value, the highlight grows brighter.
Glossiness: Affects the size of the specular highlight. As you increase the value, the highlight gets smaller and the material appears shinier.
I cannot really explain it any better without images, but unfortunately I'm unable to use FTP right now. Maybe I'll be able to post some images at a later time.
Also, glossiness maps aren't really used, as the size of the speculars does not really change on a surface, rather the intensity, which is defined by a specular map.