Are you using the managed or bare workflow? I just ejected because IPA size was massive (around 180mbs). Ejecting reduced IPA to around 90mbs and actual app store size was around 9mbs.
I'm still using the managed workflow for the time being. I've considered ejecting to the bare workflow, but haven't made the jump quite yet. Wow that's awesome! At the very least I should try ejecting to see how slim I could get the app size.