I also recommend looking for .dll files that 3rd party programs (unfortunately) install in \Windows like phonelarm has a couple that can be compressed.
Most Today plugins (3rd party) can be compressed successfully (no icon) as well (I had some issues with TodayAgenda though)
I basically use this on all my programs I install. It does not work on CF1 or CF2 .NET programs but since I avoid those apps it's a win-win for me, lol.
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