My full prtfolio last spring was approx 60 pages in a 9MB pdf which printed relatively well and contained two animations. 12 pages over 10 megs is kind of ridiculous.
You only need 150 dpi for printing and as low as 72dpi for stuff that is only intended to view on screen. Your images should be raster and resized (or close to the final size needed) in photoshop before linking to indesign. One trick you could also try as a last resort is to open each page from your pdf in photoshop and ‘flatten’ themindividually into jpegs/tiffs,/etc and reassemble the portfolio in acrobat. You can tell you pdf is not flat if you scroll through and have to wait for linework and objects to appear in layers.
Other basic stuff is to be sure your saving your final pdf as the latest acrobat version (8?) and use ‘bicubic downsampling-jpeg-150dpi’ in the save/print dialog box. You r final pdf with 12 pages of full color images should be no larger than 2 or 3 megs.