I have this .blend file of a beard, and I'm trying to minimize the file size. I reduced the number of vertices from 30,718 to 88, but the file size only went from ~18MB to ~10MB. I can't figure out what the other data might be.
I have other files with more vertices/objects/materials that are only about 1MB, so it sure seems like something is hidden (at least from my inadequate eyes).