Scaling the font or resizing an entire block of text to make things fit is usually not a good idea from a typesetting point of view, since it introduces inconsistencies for the end-user (reader in this case). Fiddling with the spacing is a more viable option, since the font size is left untouched. However, this may be a moot point if your equation (or whatever) is "a little bit too large". Perhaps then, resizing things will not be as noticeable to the viewer/reader.
If you want an absolute resizing, then \resizebox{<hlen>}{<vlen>}{<stuff>} from the graphicx package would work:
\documentclass{beamer}
\usepackage{graphicx}% http://ctan.org/pkg/graphicx
\begin{document}
\begin{frame}
...
\begin{block}{concretization}
\renewcommand{\arraystretch}{1.5}%
\resizebox{!}{5mm}{% Height of 5mm; maintain aspect ratio
$\begin{array}{l}
p_1(x)=a_0+a_1x+a_2x^2 \\
p_2(x)=b_0+b_1x+b_2x^2+b_3x^3 \\
p_3(x)=c_0+c_1x+c_2x^2+c_3c^3+c_4x^4
\end{array}$%
}
\end{block}
...
\end{frame}
\end{document}

If you want a relative resizing, then \scalebox{<factor>}{<stuff>} would work:
\documentclass{beamer}
\usepackage{graphicx}% http://ctan.org/pkg/graphicx
\begin{document}
\begin{frame}
...
\begin{block}{concretization}
\renewcommand{\arraystretch}{1.5}%
\scalebox{0.5}{% Scale by 50%
$\begin{array}{l}
p_1(x)=a_0+a_1x+a_2x^2 \\
p_2(x)=b_0+b_1x+b_2x^2+b_3x^3 \\
p_3(x)=c_0+c_1x+c_2x^2+c_3c^3+c_4x^4
\end{array}$%
}
\end{block}
...
\end{frame}
\end{document}

In the above examples, the resizing and scaling have been exaggerated to illustrate the effects.
array, or just a single, one-line equation that spans 1 column? Also, elaborate a little on the "factor of scaling" you mention. – Werner Aug 29 '11 at 21:51array, I use also\phantomfrom time to time... I mean a number (e.g. 0.5, 0.2) by "factor of scaling", because i would like beamer to decide it... – SoftTimur Aug 29 '11 at 22:03$...$for yourarrayis fine.\(...\)would also work. Just note that this will typeset it in inline math mode, rather than\displaystyle(by using\[...\]). – Werner Aug 29 '11 at 22:39