Yahoo's excellent Exceptional Performance series recommends optimizing images in several lossless ways:
Smush.it offers an API that performs these optimizations (except for stripping JPEG meta data) automatically, and this plugin seamlessly integrates Smush.it with WordPress.
Every image you add to a page or post will be automatically run through Smush.it behind the scenes. You don’t have to do anything different.
N. B. In some cases GIFs should be replaced with PNG files. You can control this behaviour on the Options page. It is off by default.
You can also run your existing images through Smush.it via the WordPress Media Library. Click on the Smush.it now! link for any image you'd like to smush.
Be sure you’re comfortable with Smush.it’s privacy policy (found on their FAQ).
Plugin updates are announced on http://www.twitter.com/TheCHANGELOG.




