Using ghostscript, you could take
Code:
$ gs -dBATCH -dSAFER -dNOPAUSE -q -sDEVICE=pdfwrite\
-dCompatibilityLevel=1.3 -sPAPERSIZE=a4 -dPDFSETTINGS=/screen\
-sOutputFile=output.pdf input.pdf
as a starting point. The option /screen stands for a low resolution. Other options are /printer, /prepress and /ebook.