The third-party tests I've seen show throughput time decreases of anywhere from 5 to 40% with the optimizer installed, depending on the kinds of operations. Zend claims "Increases runtime performance up to 40%", which is mathematically meaningless, but I guess they mean the same thing.
I'm sure we all know the difference between the Zend Optimizer and the Zend Accelerator. The optimizer is free and, afaik, installed by most hosting companies. The accelerator is not free and, afaik, installed by some hosting companies.
Please forgive another gratuitous note: sometimes people think that making code "smaller" increases performance. This is not necessarily true, for nearly any language. As for the optimizer, Zend say in its technical FAQ, "The factors that tend to improve run-time speed are not necessarily the same as those that tend to decrease file size."