Coloquei o seguinte no meu httpd.conf e parece funcionar:
# 20100709 added etag code
FileETag MTime Size
# 20100709 added compression START
# Insert filter
SetOutputFilter DEFLATE
# Netscape 4.x has some problems...
BrowserMatch ^Mozilla/4 gzip-only-text/html
# Netscape 4.06-4.08 have some more problems
BrowserMatch ^Mozilla/4\.0[678] no-gzip
# MSIE masquerades as Netscape, but it is fine
# BrowserMatch \bMSIE !no-gzip !gzip-only-text/html
# NOTE: Due to a bug in mod_setenvif up to Apache 2.0.48
# the above regex won't work. You can use the following
# workaround to get the desired effect:
BrowserMatch \bMSI[E] !no-gzip !gzip-only-text/html
# Don't compress images
SetEnvIfNoCase Request_URI \
\.(?:gif|jpe?g|png)$ no-gzip dont-vary
# Make sure proxies don't deliver the wrong content
Header append Vary User-Agent env=!dont-vary
# 20100709 added compression END
Este site tem um ótimo testador para verificar se sua página está com o GZIP: http://www.whatsmyip.org/http_compression/