See nice description here. In short using the command bellow on my Linux box (Windows users see PDFCreator) allowed me to reduce scanned color PDF for a factor of 4 to 5, e.g., from ~14 MB to ~3 MB. Supposedly PDFCreator also
gs -sDEVICE=pdfwrite -dMaxSubsetPct=100 -dPDFSETTINGS=/ebook -sOutputFile="out.pdf" -dNOPAUSE -dBATCH "in.pdf"
Update (2012-01-16): you can get a nice shell script called compressPDF.sh that saves some typing and can process multiple files, e.g.,
compressPDF.sh file.pdf
Update (2012-01-16): you can get a nice shell script called compressPDF.sh that saves some typing and can process multiple files, e.g.,
compressPDF.sh file.pdf