If ever there was a program built to be customized by the end user its Flash Optimizer...There's 8 different layouts you can select from and properly named to give you an idea of how to best use each layout. In each layout you have tabs to optimize specific elements of your movie. The tabs are- Truncate shapes, Truncate fonts, Shapes, Morphs, Fonts, Scales, Zeros, Pictures and Sounds. Each tabs optimization can be turned off or on. Within each tab you have individual elements you can optimize. I just don't know how it could get any better or easier than Flash Optimizer makes it.
The interface is amazing and so versatile. I love the sliders for each of the tabs that allow you to tweak every aspect of your file. And something I really like is you have a side by side view of the original file and the optimized swf file. But more than that, you can view the original and optimized files in action side by side. How cool is that?
How does Flash Optimizer work? Well the jest of the program uses 4 ways to crunch your files-truncation, transformation, compression and disposal. The first two, truncation and transformation work by smoothing/reducing the number of points used to define the shapes in your vector art, fonts and animations, compression is for your raster/picture elements and works similar to optimizing jpeg images out of ImageReady and/or Fireworks.
Of course in all web design every byte counts, but where I find Flash Optimizer invaluable is creating web banners or other swf files with very restrictive file sizes. Flash Optimizer can crunch files as much as 60% - 70% though I wouldn't recommend it. Just as you've seen jpegs that have been optimized too much you can do the same with swf files. But with the flexibility of the optimization features you can reduce your files size by 20%–30% with little to minimal effects to your movie. Of course this is heavily dependent on the amount of vector vs. raster images within your movie.
If I have one knock about Flash Optimizer, it is you have to spend some time in the beginning to get the feel of what you can and can't get by with. If you want you can just about crunch the file down so small that everything on the page disappears (in particular imported raster images) and/or no longer resembles the original art. So you have to be careful when pushing the limits of optimization that you don't loose small but important elements of your design.
I give Eltima Flash Optimizer 4 out of 5 stars and would recommend it for any and all web designers using flash and especially those who create banner ads or other swf files requiring limited file size.