Here are the settings I typically use. Some of them come from various Oracle(JDE) web specialists I have worked with. I have played with Compression Level but not Buffer size. You have got me curious and I may have to do a formal study on these settings.
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SetOutputFilter DEFLATE
AddOutputFilterByType DEFLATE text/html text/plain text/xml
AddOutputFilterByType DEFLATE application/ms* application/postscript
# I turn this on when I want to have some concrete evidence of how
# much compression I am getting. It is also helpful when trying
# to decide on the DeflateCompressionLevel below
#DeflateFilterNote Input instream
#DeflateFilterNote Output outstream
#DeflateFilterNote Ratio ratio
#LogFormat '"%r" %{outstream}n/%{instream}n (%{ratio}n%%)' deflate
#CustomLog logs/deflate.log deflate
# I set this between 7 and 9. I haven't done enough CPU
# versus compression benefit analysis to really come up with
# the best value.
DeflateCompressionLevel 7
# These turn off compression explicitly for content that is typically # already compressed and for PDF's.
SetEnvIfNoCase Request_URI \.(?:gif|jpe?g|png)$ no-gzip dont-vary
SetEnvIfNoCase Request_URI \.(?:exe|t?gz|zip|bz2|sit|rar)$ no-gzip dont-vary
SetEnvIfNoCase Request_URI \.(?
df|ube)$ no-gzip dont-vary
# This section is not related to caching but can also help reduce
# bandwidth. If causes graphics, stylesheets and javascript files
# to be cached by the browser. You have to keep this caching in mind
# if you are hacking at the web stylesheet or modifying E1 graphics.
# It could also be an issue after JAS service pack installs as older
# versions of javascript would be cached. You may consider using
# "modification plus 1 day" if this is a concern.
ExpiresActive on
ExpiresByType image/gif "access plus 7 days"
ExpiresByType text/css "access plus 7 days"
ExpiresByType application/x-javascript "access plus 7 days"