Also, if you're using ssh and you need maximum performance you should probably be using an arcfour cipher (`ssh -c arcfour`, alternatives are arcfour128 and arcfour256). I often see a 10x increase in bandwidth using these potentially less-secure algorithms, and slightly lower latency. If you need to save even more bandwidth, a UDP-based SSL VPN may improve things (depending on distance; long links are of course notoriously horrible) or SCTP patched into SSH as a compromise (I haven't played with this yet).
If you're not CPU bound, lzma might gain you bigger savings with marginally higher CPU if you need it down the road.
(I'd also like to take this moment to point out to the Redis devs that 'optimization' of the protocol could have prevented this hack from being necessary until much later. And to the admins of the systems, that monitoring metrics of network bandwidth could have shown the immensity of the traffic for replication. But hindsight is 20/20; let's just remember these examples!)