Be aware that many simple file systems allocate storage in fixed sizes "blocks". If the block size is 256KB, a 1K photo will take all 256KB, wasting 99.6% of the storage! The "block" size (the smallest chunk of flash that can be allocated) is a function of the flash drive, but also can be something set by the file system according to design limits in the file system itself (i.e. if the file system has 16-bit block numbers then a 4GB phone will have a block size of 4GB / 64K = 64K, whereas the same file system on a 128GB phone will have a block size of 128GB / 64K = 2MB !!) So that could also be contributing to the disparity in your storage size(s).
In your case the storage size is 2x larger on the iphone vs. ipad, so this might account for a factor of two smaller in storage size on ipad (1GB -> 2GB). As you said though it's 1GB vs 8GB. As bigblur said, the "optimize" feature is probably caching photos on your ipad. Since there isn't much storage on your ipad, it's probably throwing away more photos (caching fewer photos) to save on storage. If you download a huge game on your ipad you might find a few days later that your photos are taking 500MB, becaue a "cache eviction" policy has thrown away the less-looked-at photos.