This is a great plugin, but needs work. I modified it to strip everything but the icc profiles, greatly reduced image size and kept true colors. Also, there appears to be a bug in the settings form that does not allow you to change the optimize size quality. Otherwise, plugin works fine.
WordPress is still stripping metadata (yes, like your copyright notice) from the standard resized files (thumbnail, medium, large). So when users (inevitably) download your images, the owner/author/copyright info is gone. Activating this plugin preserves your metadata, even if the current version of WP already uses the quality-improvement features of imagemagick (as crashnet noted). Does anyone know if WP itself will make keeping metadata standard or at least an option? Photogs need to keep our metadata alive at all scales. For now, I'm keeping this plugin plugged-in.
Good explanation of why & how is at http://www.tuchesaufntish.com/2011/05/27/preserving-metadata-in-images-uploaded-to-wordpress-sites/
You might want to update to note that as of 3.5 WP automatically uses ImageMagick when it is available (http://www.semioticpixels.com/wordpress/wordpress-3-5-prefers-imagemagick/), rendering the plugin useless for WP 3.5 or above.
finally decent thumbnails!
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