I believe Fluffysheap(?) and Jorgen have it about right, and as Jorgen points out the low boost and high boost switches actually operate the same pump in different circuits and in different places or modes:
For K models:
The low boost pump is to mitigate fuel vaporization in the way that Fluffysheap very accurately describes above. Another indication of its need is a fluctuating fuel flow.
The prime switch, or low boost pump's prime circuit, actually pumps fuel directly into the main induction tube inlet by the controller and the preferred priming method when so equipped.
The high boost pump is for the emergency situation should your engine driven pump fail - its use is documented in the emergency procedures section of your POH where it also describes it limitations.
Exceptions for other Models:
Although the K does not use low boost for tank switching some of the long bodies do, such as the TN and S mentioned by c02Bruce earlier.
Not all the Continental equipped models have a Prime Circuit on the low boost. For example the TN does not and relies on the High Boost for 5 seconds or Low for 25 sec; as compared to 5 to 6 seconds for the K models with the low boost prime circuit.
If your Mooney has a prime circuit, it’s the preferred method from a safety standpoint. If the circuit has failed, then High Boost is the easy way to get it started. But be careful, this does work well but is risking a much greater chance of an engine fire because the high boost pump is pumping large quantities of fuel directly into the cylinders and over doing it could lead to a fire. Its also helpful to wait 30 seconds for the fuel to vaporize in the induction tube (or cylinder) before engaging the starter (after following the recommended number of seconds for priming based on ambient temperature from the graph in TCM Engine Operations manual if you have it).
There is an additional use of the High Boost pump documented in your TCM Engines Operation guide and some of the later model POHs. This is specifically only for Hot Starts, and the procedure has been discussed elsewhere but is basically, pull the mixture and throttle all the way back (idle cut off), then run the high boost for approx 15 seconds. Running the high boost with mixture at Idle cut off prevents fuel from getting past the fuel divider (only on Continentals) and circulates the hot vaporizing fuel back to the tank replacing it with cool fuel to aid starting. After running the high boost at idle cut off, put the mixture forward and start up without priming.
Lastly, running the low boost needlessly for very long isn't a good practice for the pocket book. I know of number of owners that burned out their electric pumps using it to drain their tanks. A neighbor of mine did that to a brand new pump - ouch! Also, having it on at idle shouldn't cause a properly leaned engine to stop, but you'll likely note the engine won't stop when you pull the mixture to idle cut-off if the boost is running. When it’s on, some fuel is going to dribble past the fuel divider into the cylinders enough to keep it running.