In my opinion, the tutorials on this site are one of the best learning courses you can find
Basics of Digital Camera Pixels Check out and read all of the tutorials here, which go from beginner to advanced level.
Also worth a look is
The Luminous Landscape
Basically the answer to your question, which works out a bit more complicated than it sounds, is - Yes.
A lot, however depends on what you are doing with the photos. If you are printing at, say for instance, 6 x 4 ins and 300 pixels per inch then you will have extra pixels to lose if you shoot at maximum resolution. Even more if you just want the images for internet use. And, to retain maximum quality the resizing needs a bit of care, even when going downwards.
For a considerable resize, like reducing a file of 3000 x 2000 pixels at 300 ppi to internet size of around 800 pixels by 96 ppi then I prefer to do it in 2 stages and resharpen the image slightly afterwards.
But, and here is the catch, although using a smaller file size may sound ideal if you are intending just using small output sizes; what happens when you 'accidentally' take that stunning photo which you want to print at A3 size, maybe it is such a rare event that the press will be fighting each other to purchase it! And the resolution is so small that the image is useless.
So my advice is always use the maximum quality settings - just in case.
Does this make any sense? Come back if you need any more information.
Geoff.
ps. the next stage is to think about shooting using RAW instead of JPEG; providing you have the software to convert and edit it. But the freebie kit works OK.