PostgreSQL: Disk space not released after TRUNCATE
According to comments in the source, truncate creates a new, empty storage file, and deletes the old storage file at commit time. (Docs suggest "storage file" is just a file as far as the OS is concerned, but I might be misunderstanding the terminology.)


  Create a new empty storage file for
  the relation, and assign it as the
  relfilenode value. The old storage
  file is scheduled for deletion at
  commit.


Since it seems to be deleting a file, I can imagine some cases in which the underlying operating system might not immediately free that space. I imagine that in some cases the storage file might end up in the Recycling Bin under Windows, for example. But in my case, truncating a table under PostgreSQL 9.something immediately increased the freespace under Windows.

Truncation is also recorded in the WAL log. I don't know how much effect that might have.