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We should forget about small efficiencies, say about 97% of the time: premature optimization is the root of all evil.
And he was working on computers throughout the 60’s and 70’s that had much less resources than those today.By all means if your server bandwidth is an issue delve into the stats, identify the cause and take it from there. Going with Yahoo’s YSlow plug-in for Firefox/Firebug is a great starting point but remember to analyze the statistics from your own context.
Rick’s tool had shortcomings with non-ASCII characters such as accents, symbols and non-US currency symbols which goes to show how optimization can have other unintended and undesirable effects.