How to reduce PDF file size from command line

gs -sDEVICE=pdfwrite -dCompatibilityLevel=1.4 -dPDFSETTINGS=/screen -dNOPAUSE -dQUIET -dBATCH -sOutputFile=output.pdf input.pdf

-dPDFSETTINGS=/screen (screen-view-only quality, 72 dpi images)
-dPDFSETTINGS=/ebook (low quality, 150 dpi images)
-dPDFSETTINGS=/printer (high quality, 300 dpi images)
-dPDFSETTINGS=/prepress (high quality, color preserving, 300 dpi imgs)
-dPDFSETTINGS=/default (almost identical to /screen)

Sources:
http://www.ubuntugeek.com/ubuntu-tiphowto-reduce-adobe-acrobat-file-size-from-command-line.html
http://milan.kupcevic.net/ghostscript-ps-pdf/