I just created a two page document in Pages, with lots of formatting and photos. The file size is 43.9MB.
Pages has an option under the File menu which allows you to Reduce File Size. I tried it and the file reduced to 900K. The results looked very poor. Text was OK but the photos looked terrible.
There is also an option to send to Mail as a PDF under the Share menu. Looks horrible.
Tried saving the file using the Print command, and save as PDF (PDF-X didn't work). The photos were slightly fuzzed, but acceptable, but at 27.7MB, it was still too big.
OK, I thought, I have Adobe Acrobat Professional, so I opened this 27.7MBMB file there and used it's Reduce File Size feature. It reduced to 2.2MB, and the photos were OK but I still wanted the file size smaller.
But wait, one more thing: Opened the 27.7MB PDF file in Preview, Save As, PDF, Quartz Filter Reduce File Size, and it made a 1.1MB file that's acceptable.
So here's my suggestion:
Print your Pages file as a PDF, then open in Preview and Save As using the Reduce File Size Quartz filter.
When printing, I'd use the large original Pages file for the best quality.
Hope this helps.