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I start with 8, if it suffers, 16, then 32, etc. You can see what you're losing, and undo until you get the perfect balance of quality vs. file size.
I stay away from automated processes like "save for web" because the automated decision is not always the best one.
Under Photoshop's Image menu --> Mode --> Indexed Colors I can only have up to 256 colors. If the image has 12,000 colors I want to be able to reduce it to say 9,000 instead.