Compressing images
This article suggests several ways to convert your image files to smaller sizes that are still good enough to use in presentations, etc.
Keeping high resolution photos is fine if you have plenty of hard disk space, but if you include lots of them in a presentation, it will slow down your work and result in a huge file.
Image and photo programs
Specialist programs like Pixelmator or Graphic Converter are often included in special-offer software bundles. These can do what is needed and a great deal more.
However, you can also simply open each image in Apple's wonderful Preview program, then choose File: Save As, and choose a smaller resolution/ file size.
iPhoto is another easy program that you could use. A quick tip is to select multiple hi-res images in iPhoto, then Share: Email, and choose from the simple list of small, medium or large size. This creates an email with lower resolution images attached. Don't send it, just drag the images out and into whatever other program needs them.
Powerpoint
In PowerPoint 2004 and 2008, there is an option in Preferences to compress graphic files. This pdf from UC Davis, California, explains where to find it.
In PowerPoint 2011, you can click on a graphic/picture, and one option in the toolbar will be "compress".
Credits
Contributed by several people in a discussion on the Mac Ministry List in February 2011.