A PSU with PFC has power factor correction non-PFC doesn't
Read the sticky at the top for more info but basically with the way a PSU uses AC power, the wave form put back into the mains is different than that going into the PSU. With DC power, since there is no waveform and the current is always flowing in a single direction, current * Electrical potential (volts) always equals Power (watts). Since the current flow reverses back and forth in AC power and since the PSU both stores power and has elements that resist the flow of electrons back into the mains, the actual power it is using in watts is different than the apparent power that it is using (VoltAmps=Volts*amps).
Power factor=Real power (watts)/apparent power(VoltAmps). A power factor of 1 is perfect.
Any high quality 750W+ unit is going to have active PFC, meaning that you won't see that red voltage selection switch.