Apple - Is there an easy way to reduce quality of .mov files taken from an iPhone?

Most of this is documented:

• How do you convert video within 10.7 without any 3rd party software

The Finder has built in video encoding and you could even use these to set up watch folders and attach a pre-set conversion using Automator if you found one setting that you prefer...

As an alternative to using Quicktime to lower the quality of the video (therefore, reduce the size of the file) is to use VLC Media Player.

It works better in the sense that it provides options for codecs, encapsulation and audio codecs as well. This can help to convert the .mov to be playable in specific devices or platforms.

Moreover, it keeps a better resolution of the videos.