AFAIK rapid mode uses 1GB of ram as a cache for the ssd which gives a very nice speed boost. Should not affect the lifespan of the SSD. As long as you can spare the Ram - I would enable it and leave it enabled, as a boost in speed is always welcome.
RAPID mode does nothing for real world performance except some niche cases (so not really worth enabling unless you spend a lot of time doing something you know it sped up by it). It does marginally increase the chances of data loss so IMO not worth it for some edge case performance increases in real world use.
One exception I've not tested is if it provides meaningful gains on systems that are unable to attain full SATA3+ performance as I can see the potential for it to be useful there.
I wouldn't go for the maximum performance option if there is another. If it is anything like Smart Response that means the cached data will be lost in the event of a power failure.
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