It wouldn't; you'd need vacuum full to collapse out the dead space. You could also try CLUSTER which is faster than VACUUM FULL when most of the data has to be moved anyway. (Some days I think we should dump VACUUM FULL, because it's optimized for a case that's no longer very interesting...)
Out of interest, is CLUSTER another fast way of truly removing OIDs from a table, after going SET WITHOUT OIDS?
Chris
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