Optimize Modifier
Optimize does just that, it optimizes a mesh by removing vertices from it, reducing the overall quality of the object slightly as the mesh is optimized more and more.

In the above image, the mesh on the right has 12,500 vertices, whereas the one on the left has 75,000, and it still looks pretty good in terms of appearance.
You can set different levels of optimization for rendering and viewport performance. Having optimize applied to several high resolution meshes in your scene will allow you to work easier without performance issues, but allow you to render out at high quality.
