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

-dPDFSETTINGS=/screen lower quality, smaller size.
-dPDFSETTINGS=/ebook for better quality, but slightly larger pdfs.
-dPDFSETTINGS=/prepress output similar to Acrobat Distiller "Prepress Optimized" setting
-dPDFSETTINGS=/printer selects output similar to the Acrobat Distiller "Print Optimized" setting
-dPDFSETTINGS=/default selects output intended to be useful across a wide variety of uses, possibly at the expense of a larger output file