Yes that's a speed control switch on the vacuum. As far as the options on the older blue model, I'm not sure. The one thing I do know is that some of the blue models had the speed control on the hose handle. I think that is cool, wish mine had that. Mine only has an on/off switch on the handle.
Do you really like the Filter Queen made power nozzle better than the Kenmore style power nozzle? When I referred to the Filter Queen power nozzle above, I was talking about the ones that came with the Triple Crown which were huge and like pushing a shoe box around. I wasn't referring to the newer style like on the 360.