Hi,
the load balancing happens at layer 3 and is dependent of the switching process:
-if it is CEF( default): the packets are load balanced per flow
-if it is fast switching: the packets are balanced per destination
-if it is process switching: packets are load balanced per packet
In CEF you can change the load balancing behaviour with the interface command: ip load-sharing per-packet
Now about the differences:
-per destination: each destination IP will be forwarded on a different link
-per packet: each packet goes on a different link
-per flow: each src ip dst ip pair is gonna take a different path( this is a rough explanation but that is the big picture)
Regards.
Alain
Don't forget to rate helpful posts.