IJ Reilly said:
I used to check my /vm directory for the accumulation of swap files, and I distinctly recall seeing some if not all of the swap files being deleted after a log out. Sorry, I know this is a completely non-technical explanation, but I did see it with my own peepers a few times.
Well, I've experimented quite heavily with this now.
I believe that what you have seen (I too have now seen this with Tiger, but not Panther) is better memory management in Tiger. I'm thinking that the logout causes all your apps to be quit. When they are quit, their demand for RAM (or swap) is removed, and the OS frees up the RAM (or swap) very quickly. So, technically, you wouldn't need to logout, simply quitting your apps would accomplish the same thing. Which I have just tested and confirmed.
However, you're right with the 'shotgun approach', logging out may remove some of swap files because all the demanding apps are quitting and the memory management is superior in Tiger then those of it's predecessors..
I would advise the original poster to use reboots to remove swap files if (s)he is running Panther or before.
EDIT: I should also note that rebooting is far more complete at removing ALL swap files, rather then memory management clean up that quitting all apps would do. In the case of the OP, using OmniDiskSweeper after a reboot would be the BEST bet on finding where your missing disk space is, with the caveat of NOT removing anything that you're not 100% familiar with.