Okay maybe I'm just really blind, but does iPhoto not allow any form of JPEG compression when exporting images?? It seems like a very logical addition to set the JPEG compression level, in addition to the size controls currently there.
When exporting as a webpage, why on earth would anyone want to leave the images with no compression at all? Now that .mac costs money, I'll be looking at using the export as web page function, (it's quite good!) but JPEG compression is needed...and captions would be nice...
Is this just me?