First there are several programs which will allow batch renaming and saving at a higher compression ratio, which is what you are doing. Photoshop 7.0 and Thumsplus come quickly to my mind (they being two that I have, I know there are others)
For an original image to jpeg compression with no VISIBLE loss in quality it is quite possible depending on the content of the image to get 10:1 or more in file size reduction. I have even seen visually lossless images at more then 100:1 (usually used to sucker people in to buying product).
The catch is you are losing actual information that is in the image, so it is technically no longer as good as the original. Jpeg (except the newest jpeg 2000 standard) is a lossy format. Meaning you lose data. However, if it you final save and you will not be doing further processing, you obviously can get an acceptable image from jpeg compression.
The catch is you original image might have been able to print a 11x17 and now you can only get an 8x10 without seeing visible artifacts. These jpeg artifcats which tend to look like blocks on the image tend to be in 8pixel x 8pixel blocks.
Just remember jpeg is fine as a final product, but you don't want it as an interim save as you will continue to lose quality with each save.
[Trivia: 4.3:1 is a known ratio for mathematically lossless complex images. Theory says 12:1 is possible with 8:1 being realistic. 6:1 is the highest I have heard that consistently worked, but it took forever to compress and uncompress the image. Visually lossless images typically start at 8:1 with 20:1 being maximum routine compression. Anything more then that is usually a result large areas of the image being contiguous in form and color (the technical joke is I can get you 10,000:1 mathematically lossless compression - Of course it will be a picture of an Artic snow field on a moonless winter night)]