QUOTE (mbalensiefer @ Sep 3 2009, 04:48 PM)

I want to save my files to a Photoshop file size of 8 (on a scale of 1-12).
The numbers on the JPEG option panel reflect neither size nor image quality; they represent a set of parameters controlling the lossy encoding of the image. The encoding is carried out using 129 parameters. Every program creating a JPEG file uses some sets of parameters. PS allows for a selection from 12 different sets, some others allow for 100 sets, etc.
Of course if the degree of lossiness is increased, then the resulting file will be smaller - and the quality worse. But, again: you don't select the file size but the "degree of lossiness", where this "degree" can not be expressed as a single number.
As noted above, it is not possible to increase the quality of an existing JPEG image simply by encoding it with other "quality setting". However, that's not all to know. If you save the image with any different "quality" , the result will be definitively
worse than the original was - even if the original saving occured with "3" and now you save it with "10". (Saving with "12" does not really reduce the quality, but the size will be unreasonable.)