With this trick you can make your PDF smaller even 10x with no noticable picture quality loss :-)

gs -sDEVICE=pdfwrite -dCompatibilityLevel=1.4 -dPDFSETTINGS=/screen -dNOPAUSE -dBATCH  -dQUIET -dDownsampleColorImages=true -dColorImageResolution=200 -dColorImageDownsampleType=/Bicubic -sOutputFile=output.pdf input.pdf