pigz vs gzip compression



I learned my lesson earlier today and don't want a repeat of me trying to fix something that isn't broken... Another story, for another time; any way, in cPanel 11.38, they offer pigz compression. Is this a substitute for gzip? They also say pigz compression improves the backups and account transfer speeds.

In Tweak Settings under compression, the notes about pigz say, "Enable use of a gzip-compatible program capable of utilizing multiple CPU cores simultaneously." Is my vps capable of utilizing multiple CPU cores simultaneously? I have 2 slice openvz vps. Is pigz compression good to enable for my vps? Does the apache mod_deflate use the pigz compression as well.