Hmm, I'm a bit confused! does this mean that somehow XnConvert is less effective than XnView? (unfortunately I use linux so I can't use the classic XnView)
I left the "Format" at "as original". If I change it now to PNG, the compression level is at 6. It looks like even if I change the compression level to 9 it is only a small change in file size.
However, that color depth change makes a huge impact. This is a great trick ...