Oh yes, it does. There's Opera Turbo for slow connections, but it severely degrades image quality. Fortunately, the trend seems to be making light versions of Web services (Facebook Lite, YouTube Feather).
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I've been looking into the Youtube feather beta and I'm actually quite curious as to how it would work. It doesn't seem like there'd be much to cut down... You have some comments and a video, whats to reduce? And the video quality on the original Youtube has already been drastically cut, what else would they do to help low bandwidth users?