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The ImageOptim/ImageAlpha OS X apps are fantastic for compressing all kinds of images for the web.

http://imageoptim.com/ http://pngmini.com/

It should be noted that ImageAlpha, the app under the pgnmini.com url, provides a GUI to to PNGQuant and PNGNQ.

While a command line tool is useful by itself, using lossy compression is best done in a GUI to determine how much compression draws the right balance between file size and its loss in quality. ImageAlpha is amazing for this.

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