SPLEVEL has not been changed since 1996.

Some macros will expand differently based on SPLEVEL. 
So I'd say that if you truly want to see if there is any effect, you 
either need to do a lot of analysis (of macro invocations and expansions) 
or, as you mention, compare the assembler and/or object code.

There should be no "need" to have SPLEVEL=2 unless your exploitation 
requires functions that existed prior to SPLEVEL=3 (MVS/ESA) that are 
implemented differently as of SPLEVEL=3.

Many macros rely on indicates set by SYSSTATE and if you specify SPLEVEL=2 
they will assume that you are compiling using a release that doesn't even 
have the SYSSTATE macro. They will certainly assume ASC mode of Primary.

SETLOCK is a macro that differentiates SPLEVEL < 4 from SPLEVEL >= 4.
CALLDISP differentiates SPLEVEL < 3 from SPLEVEL >= 3.

Peter Relson
z/OS Core Technology Design

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