You can think of two-phase PSC or three phase motor as an engine crankshaft with piston rods arranged 90 degrees offset on PSC motor or 120 degrees offset on three-phase motor. When a motor has two poles, (not to be confused with phases), it is as stated above. A four pole motor runs at half the rpm's in order to keep to the 90 or 120 degree electrical drive phase peaks for PSC or three-phase motor respectively. Since horsepower is equal to torque x RPM's, the four-pole motor will have twice the torque at half the rpm's for equivalent horsepower motors.
A three-phase motor with only two phases connected in like a dead cylinder in three-cylinder piston internal combustion engine. Still runs but produces less maximum power. For given mechanical load, the two connected phases of three-phase motor will draw more current to make up for missing phase.
One other small detail on PSC motor, you may have noticed, the start winding has a higher AC voltage during run period. This is because of the series capacitor, synthesized second AC phase source with 90 degrees phase shift, also has an impedance transformation that bumps up the start (auxiliary) winding voltage as a side effect.
Start (auxilary) windings in a PSC motor is wound with more turns of wire with smaller gauge wire to fit in same area to work with the slightly higher AC voltage, typically about 300 vac for a 240vac motor. This is another secondary negative effect if Run capacitor mfd. value is incorrect, so it is not providing the proper matching start winding design voltage level.
The synthesized second phase source on a PSC motor is not perfect as the optimum Run capacitor value to provide 90 degree current phase shift is only optimum at a given motor mechanical load. As motor mechanical load varies, the fixed mfd value Run capacitor will be a bit off of optimum value, with some deviation for the desired 90 degree current offset. Usually, the mfd capacitor value is selected at near maximum mechanical load on motor.