pngquant

pngquant is a batch conversion utility to quantize and dither truecolor PNG images, especially those with a full alpha channel, down to "RGBA-palette" PNGs (i.e., PLTE + tRNS in PNG parlance). Such images are usually two to four times smaller than the full 32-bit versions, and partial transparency is preserved quite nicely. This makes pngquant especially useful both for Web sites and for PlayStation 2 development, where one of the texture formats is RGBA-palette-based (though not PNG-compressed).