I used this single line of code to create a new UIImage which is scaled. Set the scale and orientation params to achieve what you want. The first line of code just grabs the image.
// grab the original image
UIImage *originalImage = [UIImage imageNamed:@"myImage.png"];
// scaling set to 2.0 makes the image 1/2 the size.
UIImage *scaledImage =
[UIImage imageWithCGImage:[originalImage CGImage]
scale:(originalImage.scale * 2.0)
orientation:(originalImage.imageOrientation)];