  We report on the deepest X-ray observation of the narrow-line Seyfert 1
galaxy Mrk 335 in the low-flux state obtained with Suzaku. The data are
compared to a 2006 high-flux Suzaku observation when the source was ~10-times
brighter. Describing the two flux levels self-consistently with partial
covering models would require extreme circumstances, as the source would be
subject to negligible absorption during the bright state and ninety-five per
cent covering with near Compton-thick material when dim. Blurred reflection
from an accretion disc around a nearly maximum spinning black hole (a>0.91,
with preference for a spin parameter as high as ~ 0.995) appears more likely
and is consistent with the long-term and rapid variability. Measurements of the
emissivity profile and spectral modelling indicate the high-flux Suzaku
observation of Mrk 335 is consistent with continuum-dominated, jet-like
emission (i.e. beamed away from the disc). It can be argued that the ejecta
must be confined to within ~25 rg if it does not escape the system. During the
low-flux state the corona becomes compact and only extends to about 5 rg from
the black hole, and the spectrum becomes reflection-dominated. The
low-frequency lags measured at both epochs are comparable indicating that the
accretion mechanism is not changing between the two flux levels. Various
techniques to study the spectral variability (e.g. principal component
analysis, fractional variability, difference spectra, and hardness ratio
analysis) indicate that the low-state variability is dominated by changes in
the power law flux and photon index, but that changes in the ionisation state
of the reflector are also required. Most notably, the ionisation parameter
becomes inversely correlated with the reflected flux after a long-duration
flare-like event during the observation.
