Shrink, created by Paul Griffin, downscales the iPhone or iPod Touch SpringBoard icons, allowing to fit more icons on a page.
Once installed, open Settings.app, scroll down and tap Shrink. Tap on icon size and select a percentage which you want the icons to shrink down to. Tap Shrink and select Respring. (DO NOT hit the home button, you’ll notice no changes. You must hit respring)
Note: Shrink doesn’t increase the number of icons on each page, and your iDevice needs to be jailbroken.
Shrink is available in the Cydia Store via BigBoss repo for $0.99