According to Einstein's Theory of Special Relativity, moving objects appear shorter (that is, compressed along their direction of motion) than they do at rest. This is only visible for objects travelling at near relativistic speeds.

Consider a space ship travelling at 0.8c (approximately 2.4 * 108 m/s) between Earth and Venus (approximately 5 * 1012 m) (to the astronauts, it appears that Earth is receeding at 0.8c and Venus is approaching at 0.8c). A stationary observer (on Earth, for example) would estimate that the ship would take roughly 5.8 hours (time = distance/velocity) to complete the trip. Because of time dilation, however, people on the space ship would measure an approximate elapsed time of only 3.5 hours. Because the astronauts measured their velocity to be the same as that measured from Earth, they would calculate the distance between Earth and Venus to be only 3 * 1012 m (again, from time = distance/velocity).

The equation for length contraction is written:

L = L0 √(1 - v2/c2)

Where:

L = measured length of the object
L0 = length of the object at rest
v = velocity of the object
c = speed of light
Consider an 18-wheeler pulling a standard 52-foot (15.85 m) long trailer. According to the Theory of Special Relativity that trailer will appear compressed, depending on its velocity:
100 km/h (5.56 * 10-6c) -- 99.9999999985% of normal (15.85 m)
10000 km/h (5.56 * 10-4c) -- 99.9999845465% of normal (15.85 m)
1000000 km/h (0.0556c) -- 99.8453456802% of normal (15.83 m)
10000000 km/h (0.556c) -- 83.1222316823% of normal (13.17 m)
15000000 km/h (0.834c) -- 55.1900095096% of normal (8.74 m)
17807672 km/h (0.99c) -- 14.1067359797% of normal (2.24 m)
17987367 km/h (0.99999c) -- 0.447212477465% of normal (0.07 m)
PhasedWeasel has contributed an interesting writeup in The Barn And The Pole: A Relativity Paradox that discusses loss of simultaneity.