The result depends on whether or not any rows have been inserted into the table since it was created. If there haven't (like in the first reseed), the next value inserted is the reseed value. If there have, then the next value inserted is the reseed + 1. Interestingly enough, this ignores the “increment” value of the identity column. If you TRUNCATE the table instead of deleting the rows, the table acts as if there have been no rows added and the reseed uses the reseed value again. It is odd behavior, but it is also documented in BOL.

Thanks,

Chad